Are you dreaming of a lakeside cabin or a city-center rental property? If you've lived in your current home for a few years, you might already have the keys to your next one hidden in your walls.
Lenders view second properties as higher risk, so the bars for approval are set a bit higher than for a primary residence: Refinancing the Mortgage of your Second Home refinance mortgage to buy second home
A cash-out refinance replaces your current mortgage with a new, larger loan. You pay off the old debt and keep the difference as a lump sum of cash to use as a down payment—or even the full purchase price—of your second home. Are you dreaming of a lakeside cabin or
: You maintain a single monthly mortgage payment instead of juggling multiple loans. You pay off the old debt and keep
: Unlike some other equity options, a cash-out refinance typically offers a stable, fixed interest rate.
: Having cash in hand allows you to make competitive, all-cash offers on new listings. Requirements to Qualify