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Buying a Second Home Instead of Paying for a College Dorm

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.

 

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Are you looking to purchase a Texas home?  Perhaps you love your Texas home but would be interested in refinancing your Texas mortgage to a lower interest rate?  

I'll help you get pre-approved for your Texas home loan and even suggest some very knowledgeable and professional Real Estate Agents in your area of choice.  If you are available to talk, I am available to listen.  Give me a call or visit my website for more details.

Do you want to know all of your mortgage options? Call me today and let's discuss them further.

Texas Home Loan Consultant

Always available for your Texas Mortgage and Home Loan needs!

John R Cannata    P#214.728.0449

NMLS # 322646

Texas Home Loan Expert

Frisco TX Mortgage

      

 

The views expressed on this site are mine alone and do not reflect the views of my employer.

Comment balloon 9 commentsJohn Cannata • November 01 2011 01:22PM
Buying a Second Home Instead of Paying for a College Dorm
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