A private ownership of a residence other than one’s primary residence is considered a secondary home.
Depending on how you use them, second homes are often called vacation homes or secondary residences. This property must be for your exclusive use and must not be subject to rental pools or long-term leases. Purchasing a second home while you’re employed may help you build equity and prepare you for retirement. The mortgage loans you can get for second homes are slightly different from those for primary homes. For more info on second home loan rates or to apply for one, call us today!