Loan Options

Second Home & Investment Property Loans

Home Away From Home

Key Takeaways:

Have you been toying with the idea of purchasing a second home? Maybe you have been thinking about retirement or purchasing an investment property to generate income. Perhaps you are considering a vacation home to enjoy with your family on weekends and holidays. At George Mason Mortgage we are pleased to extend several mortgage options for investment property financing.

Here are some important factors to consider:

Check Out The Market

When looking for a second home, make sure to find a real estate agent in the market you are searching in. Finding a local real estate agent where you are purchasing, as they will have a better understanding of that market than a regional agent and could have better insight on what areas tend to be sought out the most. Research important factors like property tax, local amenities and how others have fared in the local market. Don’t be afraid of considering a home that needs updating or renovations. George Mason Mortgage offers rehabilitation loans that factor the costs of upgrades and renovations into the loan amount.

How Will The Second Home Be Used?

When looking for a second home, you may already have a clear plan on what you want before making a purchase.  Whether it is a vacation home, secondary residence, Airbnb, short-term rental or a combination of the all, options are available to make your dream a reality. If you have a vision already, or want to discuss use of the property or loan options, consulting a George Mason Mortgage loan officer will help you navigate the process and find what makes the most sense for you.

Can you afford a second home?

Whether your second home is a true vacation home or will generate some income from renting, factors like distance, taxes, insurance, and maintenance costs can be an unpleasant surprise if you are not prepared to budget for them. Ask yourself important questions like how long you plan to keep the property and what you will do if you run into unexpected maintenance costs. Consult a tax professional about how owning a second home or investment property could impact your taxes. And, be sure to consult an insurance agent for typical Hazard Insurance costs in the area, especially if the property is in a flood plain or you plan to rent your new property.

Get a pre-qualification.

The more proactive you are with your information gathering and planning the better equipped you will be for a smooth, hassle-free transition into second home or investment property ownership. Ask your George Mason Mortgage loan officer to pre-qualify you before you start shopping for a property. The benefits of this are two-fold. First, you will know exactly how much house you can afford and/or if financing a fixer-upper could expand your options and perhaps give you a better return on your investment. In addition, owners and real estate agents know that you are a serious buyer who is ready to close a deal.

Key Takeaways:

States Where We Lend:

  • Virginia
  • Maryland
  • District of Columbia
  • West Virginia
  • Delaware
  • Pennsylvania
  • Ohio
  • Tennessee
  • Kentucky
  • North Carolina
  • South Carolina
  • Florida
  • Georgia
GMM States Where We Lend
For informational purposes only.
Get Started on Your Journey Home
Knowledge Base

The Building and Financing Process

There are several important steps you should take to ensure a successful building and financing process.

One-Time Close Construction Loans

One-Time Close Construction Loan Program   GMM’s One Time Close is available for New  Construction and Renovation projects. This program offers you the benefit of …

What Is A Mortgage Recast?

You have probably heard of refinancing your mortgage as a way to potentially lower your monthly mortgage payments. There is also another possible option called …

How Do Down Payment & Closing Cost Assistance Programs Work?

Who Can Receive Down Payment Assistance? While many down payment assistance programs are often paired with loan options for first-time homebuyers, this is not always …

FHFA 2021 Announcement

FHFA Announces Conforming Loan Limits for 2022

Baseline Conforming Limit Will Increase to $647,200 FHFA Announces Conforming Loan Limits for 2022 | Federal Housing Finance Agency Washington, D.C. – The Federal Housing Finance …

Home Inspections

Home inspections give you the opportunity to have the home thoroughly examined by a professional before you spend any money to purchase it. Paying for …

10 Homebuying Terms Everyone Should Know

Here is a list of frequently used homebuying terms and their definitions. What is an adjustable-rate mortgage (ARM)? An adjustable-rate mortgage is a type of …

What Is Commonly Negotiated When Buying A Home?

With homebuying, everything is negotiable, from repairs and closing costs to furniture and appliances. Offers and counteroffers can negotiate on a mix of these factors. …

7 Ways to Stand Out as a Potential Homebuyer

7 Ways to Stand Out as a Potential Homebuyer

With rates near all-time lows, the housing market is buzzing with potential buyers! Low rates mean more affordable payments or more home for your money, …

Virginia Housing Update

Virginia Housing (formerly referred to as VHDA) offers affordable loan programs for Virginians. With the update of Income and Sales Prices in addition to an …

5 Tips for Making an Offer on a Home

1. Check your emotions Buying a home can be both exciting and stressful. And, after a long home search, it’s easy to overlook some red …

Get Your Cash Back

Paying cash for a home has benefits. Take advantage of being a cash buyer to give the seller confidence the transaction will close quickly and …

The Lowdown on Down Payments & Mortgage Insurance

The Lowdown on Down Payments & Mortgage Insurance

Many first time home buyers believe they must put 20 percent down on a home. But that is far from the truth! In 2019, NAR …

9 Tips for Purchasing Your First Home

9 Tips for Purchasing Your First Home

Beginning the home buying process can be a very exciting, yet nerve-wracking experience for anyone starting off. These tips will help answer some questions to …

Home Improvement Projects with the Best ROI

Whether you’ve purchased a fixer-upper or are thinking about selling your home in the near future, it’s important to determine which renovations or upgrades can add value to your property.

Homebuyer Options

Homebuyer Options

Low Down Payment Programs & Grants George Mason Mortgage has the program options to fit your story and our experienced mortgage professionals will help find …

Moving Checklist

Moving Checklist

6-8 Weeks Before Moving Budget for moving expenses and obtain estimates from moving companies Call insurance companies to identify record changes Cancel or transfer gym, …

GMM Connect Background

ICE Mortgage Technology Case Study

In an effort to improve the mortgage lending experience, Fannie Mae and Freddie Mae required significant changes to the Uniform Residential Loan Application (URLA) used …

Refinancing 101

Refinancing 101

Rates have hit an all-time low and have left homeowners scrambling to refinance their mortgages. You have most likely heard in casual conversations with friends …

Your Journey Home

Knowing the path will travel together helps the journey go more smoothly. We have outlined some important highlights so you know what to expect along …

Homebuyer Tips

Our goal is to make your home buying experience as smooth as possible. We have highlighted some best practices to help keep your finances in …

Getting Started

Whether you are buying your first home, right-sizing now that the kids are gone, navigating the jumbo luxury market, renovating your home, or working with …

Choosing The Right Down Payment

A down payment is the amount you pay toward the home yourself. You put a percentage of the home’s value down and borrow the rest …

Built Just For You

NEW CONSTRUCTION, CUSTOM HOME & RENOVATION HOME LOANS Our extensive knowledge of the new construction and renovation loan market allows us to offer a wide …

Scroll to Top