purchase, and advise you on what type of loan you may be eligible for. A banker can also help you get prequalified or preapproved for a loan before you start looking at properties, so you know what you can afford to buy. Q. ANY FINAL THOUGHTS? A. Before searching for a second home, it is important to clearly define your goals for the home – whether it is a retirement destination, an investment property, or used for other purposes. Next, build your team of professionals, including a banker, tax advisor, and real estate agent who can help you navigate the process. Remember that purchasing a second home is a big decision that should be made carefully, and in the context of your total financial life. So be sure to include your financial advisor or planner.
Think about your goals for the property. A second home for vacations is very different from an investment property that you buy to generate income. Consider whether you can afford to take on a second mortgage, plus insurance, maintenance, repairs, furnishings, and property-management fees. An experienced banker can be invaluable to understand the costs of purchasing a second home and the loan options available to you.
Past performance is no guarantee of future results, and the opinions and other information in the commentary are as of May 24, 2017. This summary is intended to provide general information only and is reflective of the opinions of Commerce Trust Company’s Financial Advisory Services Group. This material is not a recommendation of any particular security, is not based on any particular financial situation or needs, and is not intended to replace the advice of a qualified attorney, tax advisor or investment professional. Diversification does not guarantee a profit or protect against all risk. Commerce does not provide tax advice or legal advice to customers. Consult a tax specialist regarding tax implications related to any product and specific financial situations. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness or reliability cannot be guaranteed.
Wealth | Investments | Planning Commerce Trust Company
1-855-295-7821 | commercetrustcompany.com NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK GUARANTEE
Commerce Trust Company is a division of Commerce Bank.
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