While it is true that most people will pay the mortgage on their first home before paying the mortgage on a second home, mortgages are available at similar rates for second home purchases.

What many people intend to be a second home may, in fact, be viewed by a lending institution as a purchase for investment purposes rather than residential purposes.

A second home is defined as a home used for residential purposes but not as a primary home. Believe it or not, there are instances in which people spend more time in a second home (e.g., a smaller dwelling in the city near employment) than they do in the primary residence. By the same token,

someone can reside in a home in the suburbs on the weekends and use their smaller unit in the city as a second home.

In other words, the truth may be in the eye of the beholder. At Banner, we zealously advocate for our clients in such instances.

Copyright © 2000 Banner Mortgage Group, Inc. All rights reserved.