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How To Buy A Second Home And Rent The First. For instance, you are living in a home now that you plan to rent out. You have $200,000 in mortgages on the property.
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You have $200,000 in mortgages on the property. This is higher if you want to rent the property out. The process of getting a second mortgage and buying a second home is similar to the process of buying your first home and getting your first mortgage, but there are a few fundamental differences, especially if you aren’t selling your first property.
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Buying a second home means taking on more than just mortgage costs. For instance, you are living in a home now that you plan to rent out. The first thing to realize is that low down payment mortgages are not on the table. If you rent your second home for more than 14 days out of the year, it's considered an investment property by the internal revenue service.
