Category: Finances

When you are buying a second home, there are different classifications of the home — which are used for tax purposes — based on how you use the home. These are important to understand as they can determine much about how the home is financed, your mortgage rate, and the taxes you pay on the house.

One of the big challenges to acquiring a second home is to get the money to buy it. This, for most of us, means a mortgage, and the mortgage rules for a second home actually vary considerably from those that apply to a primary residence.

This article will walk through the need-to-know details about getting a mortgage for your second home.