Second Home Loans

A second home loan is a mortgage used to purchase a property that is not your primary residence but is intended for your personal use—like a vacation home, weekend getaway, or a home closer to work. It’s different from an investment property loan, which is used for homes you plan to rent out or flip for profit.

Key Features of a Second Home Loan:

Owner-occupied: You must live in the home for part of the year.
Not rented out full-time: Occasional short-term renting (like Airbnb) may be allowed by some lenders, but not year-round tenants.
Credit standards: Lenders often require a higher credit score than for a primary home loan.
Down payment: Usually at least 10%, sometimes more.

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