8 Ways You Can Afford To Own A Vacation Home

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7) Get A Good Low Interest Mortgage

Before deciding on the purchase of a vacation home, it would be prudent to be pre-approved for a mortgage. Pay down any existing debts that you may have. Review your credit report and make sure that the information is correct. If not, take steps to correct it by contacting the credit bureaus that provided the report or contact the creditor directly. You can obtain your credit report from one of several credit reporting agencies or your financial institution. Equifax or Experian are two agencies that can provide you with a report. Make sure you have the required down payment. These steps will be helpful in obtaining a low interest mortgage. Pre-approval gives you the ability to bid on a home with the knowledge that you’ve successfully submitted a mortgage application; your credit has been checked and verified, thereby completing the first phase of the mortgage loan process.

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