Use second residence mortgage for rental property

[Joe B.]

I'm looking to buy a property in the Phoenix area to do short term rentals. The real estate broker said if I used a second residence mortgage instead of an investment I could put less money down and get a slightly better rate. Is there any way bank would find out that I'm renting it out full-time instead of when I'm not using it and even if they did would this cause them to take any action?

Thanks for any help