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Forum
-> Household Management
-> Finances
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amother
OP
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 Thu, Nov 23 2023, 8:37 pm
Why are 2nd Home Mortgage rates higher, even if 1st home is paid up?
Lenders typically consider second home mortgages to be riskier because if something happens with the borrower's financial situation, the borrower is more likely to prioritize paying the mortgage on their primary residence than their second home. That's why these mortgages can have slightly higher rates.
https://www.businessinsider.co.....ates.
But Im being told that 2nd home buyers mortgage rates are higher, even if my first home is paid up.
Why?
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amother
Topaz
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Thu, Nov 23 2023, 8:43 pm
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I'm guessing it's just an across the board rule when you answer no to the question, is this your main residence?
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Fave
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Thu, Nov 23 2023, 8:47 pm
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If the rate difference is significant, why don’t you take out the loan on your first home to finance your second?
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