Can You Afford A Second House?

Published Date 5/1/2013
Under: Career & Finances



Find Out If You Can Afford A Second House

You and your spouse might be ready to dive into the real estate market again once your kids move out and you have money saved up. However, there are several factors to consider before you decide you're going to buy a second home, whether it be for investment or vacation purposes.

The Street, a financial advice site, states that you'll need to consider the fact that a second mortgage will likely cost you more money than your first. This is because lenders consider you to be a bigger risk with an existing financial burden on your back. 

Next, you'll need to remember that you'll have to qualify for a purchase before it can actually be made, according to FastStart Real Estate Services. Depending on your existing debt and your past credit history, it may not be as easy as you think to buy a new piece of real estate.

Finally, you'll want to make sure that you're in a position that allows you to financially support yourselves while maintaining a second house.

Speaking to phone psychics can give you the insight you need to make the right decision. Tarot readings can let you know whether your real estate venture is bound to pay off!


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