Becoming a Second-Home Buyer

keys to a second home

Are you considering buying a second home? Even for people who love their primary residence, a secondary property can be a significant future investment. Either looking for a vacation home in your favorite destination or taking the first step towards real estate, buying a second home can be an exciting process since you have successfully completed the financing process before. But the cost of owning a second home adds up fast depending on how you use the property. As a mortgage brokerage company, you can trust our resources to support you on your plan for using your second home. Here are some pointers and steps you can take for your journey to buy a second home.

Do Your Research

Just like buying your first home, it's essential to conduct thorough research before committing to a property. This is a big decision, so it's critical not to rush things. Take your time to understand what you are looking for in a property. Get to know the area you want to buy a house in. It is suggested not to buy the best property in the area for equity's sake; instead, look for the houses at low to medium price points in the best neighborhood. Another thing you need to consider is to know the local laws. Since tax law varies from state to state, it is necessary to do your research.

Get Pre-approved

Getting pre-approved for a mortgage shows that you are a serious buyer. We recommend starting the financing process immediately after you are ready to search for properties. Starting the process early will deduct any financial problems you may encounter during the closing process with no surprise. Obtaining pre-approval early will also help you know how much you can finance for your house, which lets you see what ranges of properties to look for, just like with your first home. You can look around for local lenders or choose Capkon to be your mortgage partner. Capkon provides an online application that allows you to finance your second home online, with tools to guide you through the home buying process.

Online Application

As mentioned above, filling in an online application for a mortgage is an easy and efficient way to begin your home buying process. Experienced homebuyers have their financial situation figured out since they have completed the financing process before. You can quickly enter your updated financial information and upload the necessary documentation. Our team at Capkon will have a look at the updates and release a decision promptly.

Finding Your Dream Second Home

After getting approved or pre-approval for a mortgage, you can start looking for your dream home with the help of your agents. They will help you look for property that fits your criteria, like the number of bedrooms, square footage, location, etc. They will show you the houses that fit your budget in your preferred neighborhood.

Once you have found your dream home, your agent will work with the selling agent and negotiate a deal and make a counteroffer. If your offer gets accepted, you can work towards closing on your second home.

Closing on Your Second Home

After the seller accepts your offer, start work towards closing on your second home. The closing process may take 30 to 40 days on average. This process includes several steps:

First, you need to decide on a real estate attorney to supervise the settlement and closing process. Secondly, you need proof of your homeowner's insurance for lenders to issue funding. You will also work with a title company to research the property and make sure it's clear to purchase. The next step is to wait for appraisal results to make sure your home value is accurate. If the value is the same or higher, you will move forward, but if it comes lower, you can negotiate and rethink if the property is still worth your investment. You can then schedule a home inspection and a final work-through to ensure the property is ready for you to move in.

The final step is to sign on the closing paper. Your closing agent will ensure all the paperwork is in order, and eventually, you will receive a key to your second home.


Second-home buyers are experienced home buyers who have gone through the financing process before. Buying a second home can be a big step towards building your property portfolio. Before settling for your second home, determine how it will be used and the best location for the property. After finding your dream home, you can move towards the home buying process.

As a mortgage broker, our team at Capkon will provide you with our tools and support to make your home buying process more convenient. Book your appointment with Capkon to partner with us in your home buying journey.


Kiran Thapa

Simran Shrestha

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