Buying a second home, investing in property to rent to tenants, or buying a vacation home can be both an exciting venture, and a lot of paperwork.
At Juno Mortgage, we can help you with all your needs when it comes to buying additional properties by offering debt consolidation services to manage multiple mortgages.
Having a second home or vacation property is a popular option for many people. You can refinance your existing mortgage on the first property to pay for a down payment on the second property.
This process allows you to use the equity from your first home to acquire a second home. You can also open a Home Equity Line of Credit (HELOC). With a HELOC, you only pay for money you use, instead of a set monthly payment. To qualify for a HELOC, contact Juno Mortgages to see what your specific situation calls for, we’re here to guide you though the process and seamlessly as possible.
One way to increase your yearly income is to buy a second home or vacation property and become a landlord. While renting out properties to tenants, you will have the added benefit of acquiring extra income and possibly investing in even more properties. Renting to tenants can also help you to own your second home and pay off the mortgage more quickly.
Remember, when becoming a landlord and making money from tenants, you will account for income taxes, insurance and property taxes on the initial home investment, and the taxes from the income generated through rental periods. Juno Mortgage can help you finance your second home, and possibly turn it into an investment opportunity, while streamlining the process.
