Lots of people want to buy a second hoe prior to selling their current one. The problem is that most of them don’t know how to purchase a second home with no money down.
Pittsfield, MA -- (SBWIRE) -- 03/25/2013 -- Real-estate-yogi.com has researched this subject and would like to share its findings, such as:
- Buyer’s Market
- Home Equity Line of Credit
- Mortgage Pre-Approval
- Employ an Experienced Realtor
It’s a Buyer’s Market
In light of the past decade or so, the economy is improving. That said, it’s still a buyer’s market when it comes to buying a second home with no money down. This means that people looking to buy a 2nd home have the negotiating power because sellers want the sale and are willing to compromise somewhat. The federal government is offering lenders incentives to help folks buy second homes, and mortgage rates are at an historical low. As the saying goes, “Seize the day!” Go out and buy a house!
When the current home has been lived in and owned by the family for several years, it has generated equity. Part of learning how to buy a second home with no money down is turning that equity into a line of credit. So long as there’s been a good payment history with one’s lender, it will most likely agree to the home equity line of credit (HELOC). When a person has found the second home of his dreams, he can use the HELOC as his down payment, meaning he does not have to put any money down at all.
People Who are Looking to Buy A Second Home With No Money Down, Can Apply Here!!
Obtain Mortgage Pre-Approval
Another aspect of how to purchase a second home with no money down is to obtain a mortgage per-approval. Mortgage pre-approval is similar to HELOC. It guarantees an individual the necessary amount for a down payment on a second house. Check with several lenders to get the best interest rates and terms.
Hire a Good Realtor
The most important step to consider when buying a second home with no money down is hiring an efficient realtor. Realtors do all the work for an individual. They often find homes that the buyer can purchase with a HELOC or pre-approved mortgage in the geographical area he wants. They’re motivated because they don’t get paid until the buyer is settled.
www.Real-estate-yogi.com is a helpful, no-cost consumer resource website that links folks looking for answers to home buying questions with the experts in that field who can provide them. For a free initial conference, dial 800-987-1397, 24 hours a day, 7 days a week.