1) Set Up A Savings Account
While evaluating your financial ability to purchase a vacation home, you may find that you will need to pay down existing debt and increase the amount of money that you have available to use as a down payment. Most lenders require a down payment of 20 percent. Others require a higher deposit of 25 to 35 percent on a vacation or second home. The fees associated with closing costs should also be included when setting aside money in your savings account.
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