Profile picture for FeliciaFavorito

for a second home mortgage, what is the least amount for down payment?

  • April 27 2012 - South Kingstown
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (1)

If you are financing a home you already own, most banks will want at least 20% 'down' (i.e. 80% loan to value) but this may vary considerably between lenders. If you are purchasing a home with 2 loans the requirements will vary even more, though nowadays it is usually better to go with a single loan. You might also consider refinancing your first mortgage for a higher amount to get the cash you seek. At today's low rates you may save considerably on your monthly payment. At any rate, you need to talk to some lenders to get the answers for your particular case.
  • April 28 2012
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.