How Do I Get Approved for a Mortgage for a Second Home? | Personal Finance
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How Do I Get Approved for a Mortgage for a Second Home?

Having a vacation home or a home in another area of the country is a
dream for many people. Obtaining financing for a second home, however,
is not an easy task. Lenders fear a second home mortgage will be the
first loan to not be re-payed in the event of a job loss or financial
difficulty. Financing a second home will require you to prove your
financial stability and may be a longer process than when you financed
your primary home.Difficulty:Moderately ChallengingInstructions
Save as much money as possible for the down payment. A mortgage for a
second home will require a larger down payment than required for the
primary home. Plan on a minimum of 20 percent down. A greater down
payment m