Vacation & Second Home Mortgage Loans

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What you need to know about vacation and second home loans

Expand What do I need to know about buying a second home?

As an experienced homeowner, you already understand the financial aspects of owning a home. However, owning a second home can add other factors that you should consider:

  • Cost of upkeep of two homes – repairs, taxes, utilities, etc.
  • The impact of carrying two mortgages on your disposable income

A second home can also be a smart real estate investment if it provides a good rate of return when you sell. As you make your decisions about where to purchase and how much you are comfortable investing, it's a good idea to make sure you balance the excitement of owning a second home with the practical considerations.

The products and process for a second home mortgage loan is very similar to that for your primary residence. You can learn more about your best loan options and get a realistic price range for your search when you talk to your TD Bank mortgage advisor to get prequalified.

  • To get prequalified, you will need to provide your basic debt, income and asset information; your mortgage advisor will pull a credit report
  • By the end of your conversation with your advisor, you'll know how much you prequalify for and how much home you can afford

Condos can be a popular choice for a second home. Since the value and marketability of condominium properties are dependent on items that don't apply to single-family homes, talk to your mortgage advisor to see if the condo meets our lending guidelines.

NOTE: If you plan to generate rental income from your second home, you will need to secure a mortgage loan specially designed for buying an investment property.

Expand What if I live in a different state from where I'll be buying my second home?

If your second home is in a different state, keep in mind that your lender must be authorized to lend in that state. TD Bank operates in 15 states from Maine to Florida – find a TD Bank near your property.

Additional considerations:

  • Documentation and closing procedures may vary from state-to-state, so work closely with your mortgage advisor, real estate professional and closing agent.
  • Be prepared to be present for both your property inspection and your closing.
  • If you can't attend your property inspection, make sure you get the report and ask the inspector any questions.
  • If you can't attend your closing, your loan officer can help you identify who can legally represent you.

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