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In discussing re-finance, loan agent kept going over the point of whether the home is primary residence or 2nd home. Makes me wonder if the answer affects the loan decision, as well as interest rate (like for commercial property interest is higher).
So does it affect? And if it does, what's the logic? Can I call a 2nd home my primary residence? There is really nothing stopping me from living at my 2nd home...
In discussing re-finance, loan agent kept going over the point of whether the home is primary residence or 2nd home. Makes me wonder if the answer affects the loan decision, as well as interest rate (like for commercial property interest is higher).
So does it affect? And if it does, what's the logic? Can I call a 2nd home my primary residence? There is really nothing stopping me from living at my 2nd home...
A second home, or ANY home other than your primary residence is considered by the lender to be the equivalent of an "investment". Lenders have long followed the idea/guidance that a person will be more likely to protect their primary home from default/foreclosure than they will an investment.
Said another way, a person is more likely to just walk away from an investment that goes bad than they are to just walk away from the home they live in. Therefore, lenders generally have much stricter lending criteria for second homes or investment property than they do a person's principle residence.
A second home, or ANY home other than your primary residence is considered by the lender to be the equivalent of an "investment". Lenders have long followed the idea/guidance that a person will be more likely to protect their primary home from default/foreclosure than they will an investment.
Said another way, a person is more likely to just walk away from an investment that goes bad than they are to just walk away from the home they live in. Therefore, lenders generally have much stricter lending criteria for second homes or investment property than they do a person's principle residence.
My wife and I live in one home, and have an unoccupied 2nd home. Can I claim it to be my primary residence? I really can move in any day any time; nothing stopping me. In fact my wife wants me out of the primary house.
My wife and I live in one home, and have an unoccupied 2nd home. Can I claim it to be my primary residence? I really can move in any day any time; nothing stopping me. In fact my wife wants me out of the primary house.
you can only have one primary residence unless you want to commit mortgage fraud
Quote:
Originally Posted by RobertFisher
My wife and I live in one home, and have an unoccupied 2nd home. Can I claim it to be my primary residence? I really can move in any day any time; nothing stopping me. In fact my wife wants me out of the primary house.
My wife and I live in one home, and have an unoccupied 2nd home. Can I claim it to be my primary residence? I really can move in any day any time; nothing stopping me. In fact my wife wants me out of the primary house.
There's no law that requires a married couple to live in the same house... or even the same state. However, the term "Primary Residence" means a whole lot more than just where you sleep at night. In fact, where you sleep at night is not even the primary determinant of where your "primary residence" is in most states.
If you're willing to go through all the legal hassles of establishing a separate primary residence from that of your wife's, you might be able to pull it off. However, my guess is that it will be easier and cheaper to just pay a little higher interest rate on your second home rather than go through all the hassle of trying to establish a separate primary residence from that of your wife.
I'm saying I can occupy it tonight just to be able to rightfully claim it as primary residence. Does that work?
I think you are trolling. If you're really interested in finding out the details of establishing a different primary residence from that of your wife, then Google is your friend.
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