The number of second homes bought in the US has increased over 100% in the last 5 years. According to National Association of Realtors, there were 405,000 second homes reported in the year 2000 and buy 2005, there were at least 881,000, second homes reported. According. The second home boom was driven by record low interest rates, and expanded guidelines for second mortgages. The refinance boom coincided with the real estate boom. Investment opportunities sprouted across the country, as first time homeownership grew to an all-time high.
Ultimately, it makes good financial sense to let your real estate investment work for you, and a second mortgage can be a great way to take full advantage of the equity in your home.
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