Mortgage loan agreements for a second home commonly require the borrower to occupy and use the property as a secondary residence and often prohibit its use as a timesharing or other shared-property arrangement.
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financial
Typical underwriting and loan contract terms for mortgages designated as second-home financing.
A "second home rider" is a standard mortgage document in which a borrower agrees to keep the property primarily for personal use and enjoyment for a specified period (commonly at least one year) unless the lender agrees otherwise.
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definition
Mortgage underwriting and loan documentation practices
Loan terms and underwriting availability can differ based on whether a property is represented as a primary/second residence versus an investment property, with some favorable loan terms typically unavailable for investment properties.
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financial
Residential mortgage lending differentiates between owner-occupied and investment properties for pricing and eligibility