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Buying Second Home?

    Bought this small townhome 3 years back , now looks like it is feeling small space with addition to another member in the family. Thinking of buying a Single Family home with bigger space. Is it is the right time to buy? Keeping the first home, does that make sense?
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September 26 2013 - US
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Answers (3)

It is hard to say whether or not it would make sense because we do not know much about your finances. So I am assuming that you would buy another home and use your current home as a rental property. If this is what you plan on doing, there are some key things to realize. One thing to realize is that buying a second home is different than buying your first/primary home. Since it will be riskier for the lender to finance you on your second home, they will balance out that risk by requiring a higher interest rate and down payment, so be prepared for that. I suggest you speak with a lender like myself so we can get more details about your situation so we can further help you.

Well I hope this helps! If you have any further questions or if you would like a loan, feel free to contact me!

Good Luck!
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September 27 2013
We do not know your financial profile, so its difficult to tell.  I suggest that you meet with at least two mortgage brokers and seek their advice.  Thebest of luck with the family and the house!!!
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September 26 2013
Yes

Yes - rent it
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September 26 2013
 
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