Buying Another Property

Thinking of buying a second home or property? At Siga Financial, we are committed to simplifying the home buying process and assisting you in purchasing additional properties. Whether you’re looking for more living space, investing in real estate, or downsizing, there are many factors to consider when buying another property. Our mortgage experts are here to help guide you through your next property purchase and assist in making your move to a secondary home a seamless one.

Understanding Your Goals

There are many reasons to purchase another property. Maybe you want to make room for new family members, escape the city life for a quieter setting, downsize from a large house to a small condo, or take this as an investment property to sell for the future.

In any case, remember your next house is an investment. So before you buy, make sure your next property and its location align with your personal and financial goals.

Buying Your Next Property

Investing in real estate can be beneficial to not only bring in extra income, but also help you build your equity. Before you decide to buy however, it’s essential you learn about the responsibilities you will take on from an investment property. A good place to start is reviewing your finances and asking yourself if you can afford purchasing another property.

Here are some factors you should consider:

You can leverage the equity in your current property to fund the purchase of a new one.

We’ll provide guidance on evaluating your financial readiness, including income and existing debts. Our professionals can even calculate the purchase price you may be able to afford for a new home, including the amount of equity you could use from the sale of your current home.

A minimum down payment of 20% is required for second homes or investment properties.

Set aside extra money to cover further expenses such as legal and lawyer fees, taxes, real estate agent commissions, and property insurance.

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Mortgage Options

Depending on your financial goals and needs, it may be in your best interest to buy before you sell or sell before you buy. It’s important you take the time to do your research and speak with our knowledgeable mortgage advisors to help you make informed decisions.

Here are some mortgage options you can explore:

This lets you transfer your existing fixed mortgage rate, loan balance and maturity date to your new mortgage.

This is a mortgage solution used for managing the gap between buying and selling properties. The temporary funding covers costs of both mortgages until you close the sale on your property.

You’ll still need to get pre-approved for a mortgage even if you’re a current homeowner and are looking to buy a new property. Getting pre-approved means you can look at your existing equity and what you have available to purchase, ultimately making the buying process easier.

Partner with Siga Financial To Buy Your Next Property

Though buying another property is exciting, it can be overwhelming to go through the home buying process again. There’s a lot to consider and manage as you juggle more than one mortgage this time around. That is why you need Siga Financial to provide the customized mortgage solutions you need to handle details quickly, professionally, and on time. Our mortgage specialists are well-versed in this industry and will ensure you have the best mortgage strategy going forward.