But are you financially ready to take the plunge? Lenders are tough on second-home loans. Usually, second-home loans require a 20% down payment, and not many lenders are willing to take the risk.
The question is: how do you determine if you could afford a second home? Check the worksheet on smartmoney.com and see for yourself. Remember: you’re the one that needs to make the decision and don’t rely on your friend, a realtor or a mortgage person to tell you what you can or can’t.
This worksheet will help you evaluate your overall financial situation, including the income you could receive from renting the property part-time.
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