Difference between primary home vs 2nd home

Hi bbl,

A home will be considered as your primary residence if you stay in the property for most of the time. A second home, on the other hand, is your rental property or any investment property that you own. You can change the status of the first home and the second home but will not be able to declare the second home as your primary residence wrongly.

You can refinance the mortgage on your second home by contacting your current lender or contacting other local lenders. However, while you apply for a refinance, you should have some equity in it.

Thanks

the main ramification of your claiming a second home to be your primary home and vice versa is that your loan request would be declined. should the situation be determined after you've already closed on a loan, the rate could be adjusted based on the false claim.