+1 240 475 9906
www.myrmcloan.com
derick@myrmcloan.com
Financial Freedom: Ask These 3 Crucial Questions Before Taking a Debt Consolidation Loan!
Don't let debt weigh you down—discover how to make the right choice with our expert guide to debt consolidation.
FAQs for Homeowners Looking to Buy Another Property
Can I qualify for a second mortgage if I already own a home?
Yes, you can qualify for a second mortgage if you meet certain financial criteria, including a solid credit score, a low debt-to-income (DTI) ratio, and proof of income to cover both mortgages. Lenders will review your financial situation carefully to determine eligibility.
Do I need a larger down payment for a second property?
Typically, a larger down payment (usually 20-30%) is required for a second property, especially if it's a non-primary residence, like an investment property or vacation home. However, if you're buying a second primary residence, the down payment may be closer to 10-20%.
How does buying a second home impact my current mortgage?
Your current mortgage remains unchanged unless you choose to refinance it. Lenders will factor your existing mortgage payments into your debt-to-income ratio when determining your ability to qualify for the second loan. Make sure you’re comfortable with managing both payments.
Should I rent or sell my current home before buying another property?
It depends on your financial goals. If you're considering turning your current home into a rental property, you’ll need to factor in the responsibilities of being a landlord. If you sell your current home, the proceeds can be used for a down payment on the new property, possibly reducing your loan amount.
Five-Star Experience!
Unveiling the Magic of Residential Mortgage Corporation!
"I strongly recommend their service!"
My experience with Residential Mortgage was great. Mr. Hungerford and his team provided good communication and education regarding the home buying process. I strongly recommend their service. Being a first time home owner was foreign to me. After going through the process with Residential Mortgage Corporation, I feel like I can help other people who are going through the same process. To this day, Mr. Hungerford still teaches me things I need to be aware of as a new home owner.
- Adrian Gause
Waldorf, MD
"Derick and his team are awesome!"
They helped me with and explained every step of my home buying process. They continuously followed-up with me to make sure they answered all my questions and concerns. Look, the home buying process can be overwhelming, but the Residential Mortgage Corporation lead by Derick Hungerford makes it tolerable and puts you at ease during the entire process..
- Dwayne Gilliam Sr
Upper Marlboro, MD
"Working with Residential Mortgage Corporation has been a great experience."
Not only are they prompt, knowledgeable and experienced professionals they take the time to make sure they keep you informed during the entire process. I was able to call, text or email and receive a response back from someone that took the time to answer all my questions. Thank you so much RMC for helping to make my dream come true!
- Jacqueline Van Buren
Upper Marlboro, MD