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You have no cash for the deposit conserved yet, but you intend to place 15% down. To get the 15% down payment, or $30,000, you'll require to conceal away $1,250 a month for the following 2 years. If you don't have the choice to cash-out refinance, you'll need a plan to conserve your deposit. Your other option is to secure a second mortgage, but recognize that your lender will certainly call for a larger deposit. While you can purchase your primary residence with as low as 3% down, your vacation home will call for at least 10%-- and even closer to 20%.
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