Buying a second home is a dream for many folks. The true definition of a second home is a home that one can travel to that will provide a getaway from the daily grind. Well, that is my definition. A lenders definition relates to whether or not it makes sense to consider the other home a second home. The proximity to your current home is a major factor. Is this home near a beach, golf resort, ski resort, lake, river, snow or just considered a getaway city, like Palm Springs? If the answer to this question is no, then the lender will most likely consider it a rental property. For more information on this topic, buy the book that is loaded with tips and tricks that will make or break your loan, Makers & Breakers: A Simple Guide to a Successful Mortgage Loan. It can be found at www.loanmanjeff.com or www.amazon.com. For more information about home loans, please call Jeff Eisenberg, President of Southern Oaks Mortgage, Inc. in Valencia at 661.964.2600.
Southern Oaks Mortgage, Inc. is a licensed Broker/Lender with
Dept. of Real Estate Lic#01458657, DRE (916) 222-0770