Frisco TX home loans, real estate loans, Texas Home Finance information

Texas Mortgage & Real Estate Thoughts

Buying a Second Home Instead of Paying for a College Dorm

November 1st, 2011 12:55 PM

Are you kids getting ready for college? Think about the option of buying a second home instead of paying for a college dorm?

If you’ve turned on the radio or TV recently, you’ve heard about the rising costs of college tuition and room and board expenses. Even with financial aid available for today’s college-bound students, cash-strapped families are looking for options. Some are choosing to refinance their mortgages (Texas Cashout Refinance), while others are opting to buy second homes.

Yes, you read that right. Families are saving money by buying second homes for their college kids. While it may seem ludicrous at first, buying a second home can actually help you save money in the long term. How? Monthly mortgage payments may be less expensive than college room and board expenses.

Benefits include:

Some lenders have loan programs that provide the most benefit in the first 4-5 years of ownership – just in time for your kids to graduate.
Interest on a second home is tax deductible.
Owning a second home gives you an opportunity to build more equity and increase your net worth.
Extra space or rooms in the home can be rented out for additional income.

More and more families are buying second homes to reduce the increasing financial burden of sending their kids to college, and so can you. Give me a call at (214) 728-0449 today, and let me show you how my knowledge and experience as a mortgage professional can help. You and your wallet will feel much better.

Posted by John Cannata on November 1st, 2011 12:55 PMPost a Comment (0)

Subscribe to this blog