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A second home can be great for a couple of reasons. Maybe you travel for business to one particular location and you would like to have a home there or maybe you want to own a home in your favorite vacation spot. Either way a second home is a luxury. If you are planning to obtain a loan to finance your purchase there are a couple of things to keep in mind. Since you will reside in the home on a part-time basis a mortgage lender will see the loan as a higher risk. This means that they will typically require a larger down payment than a primary residence and there will most likely be a slightly higher interest rate. There are many mortgage lenders that specialize in these types of loans. It is best to speak with your Realtor so that you can consider if a second home is right for you.
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