4 Signs You Can Afford To Buy A Second Home

You may be thinking it’s time to buy a second home, but can you really afford it? If there are doubts in your mind, we’d like to put those doubts at ease for you. At American Loans & Mortgage, the top-rated mortgage providers in Utah, we want to help you invest in a second property.  If you agree with the following four points, we can help discuss your second home needs in Utah.

On Track With Retirement & Goals

Retirement and savings funds should be your number one priority when it comes to finances. If you’re on track with your retirement funds and your savings or investment goals, then you’re likely curious about how you can invest further into a new property. 

Afford Upkeep & Maintenance

Since you already own a house, you’re familiar with the cost of upkeep and maintenance. This will be doubled when you buy a second property, so if you’re comfortable spending that amount of money to  look after your second home, you’re ready. 

Mortgage Standards Met

If you’re looking to take out a second mortgage for your second property, you need to review the mortgage standards to make sure you qualify. A mortgage broker like American Loans & Mortgages can help determine if you meet those standards based on your current financial situation. 

Disposable Income

If your disposable income has reached a point where you are comfortable with the amount of money you have and want to invest it elsewhere, then more than likely you’re a perfect candidate for a second home. Whether it’s a down payment or monthly mortgage payments, you need to make sure your disposable income is satisfactory to be able to handle these additional payments.

If you feel as though you agree with each of these points, it may be time to speak with American Loans & Mortgage to see what our second home loan experts can do to help you. Whether you’re wanting a holiday home, or looking for somewhere to rent out for extra income, we can help you meet your goals with a second home.