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Updated almost 2 years ago on . Most recent reply
2nd Home vs Investment home
Hello lenders and experts, Recently I was shopping for a loan for 2nd home. This property was initially bought with cash, renovated little bit. Now I am looking to make it as 2nd home. Lenders qualified this can be considered as a 2nd home but the interest rate seems to be the same as the investment home.
I heard previously that 2nd home interest seems to be same as the primary home. Is that not any longer true?
Based on my credit scope and the amount of money, I am cashing out lenders are quoting me the following?
Primary home - 5.5%
2nd Home - 6.4%
Investment Home - 6.5%
Thoughts?