Anytime you purchase a second home that is not your primary residence, it is labeled as an Investment Property or Second Home in the mortgage world.
This just means you have a second home that is either used for a rental property or a vacation home. Anytime you have a loan on a property that is not your primary residence, there are just a few simple rules that apply to your loan. Of course every situation is unique, so please call and talk to a loan officer to see what your exact numbers would look like in your situation.
But in general:
At least 10% is required for a second home
You are subject to a higher interest rate then what you could qualify for on a primary residence
If you are interested in what your interest rates or what you will qualify for on a second property, please reach out to us here at The Ben Lemon Team today!