Question by Alpha Bravo Charlie: what qualifies as a second home for mortgage loan?
I am working overseas, I want to buy a house in Texas. Can I consider it to be a 2nd home and ask the mortgage company to give me interest as second home instead of calling it “investment property” ?
The interest rates and taxes for 2nd home is less than investment property.
It will be rented out till we come back to Texas.
Best answer:
Answer by Tim Because you are renting it out, it is not a second home. A second home has to be one that you can visit and stay at as your second home.
If it is rented to someone as their residence, it is an investment. You can still deduct interest, depreciation and other expenses as a investment property that you would necessarily be able to deduct as a second home.
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Mortgage House of Australia is one of Australia’s fastest growing non bank lenders. With over 40 branches nationwide, and having secured several business/industry awards for excellence in product development and customer service, it is no wonder the Mortgage House brand has received the recognition it has. Website: http://www.mortgagehouse.com.au
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Check out Part 2, youtube.com/VictoryIndependence
Mortgage House of Australia is one of Australia’s fastest growing non bank lenders. With over 40 branches nationwide, and having secured several business/industry awards for excellence in product development and customer service, it is no wonder the Mortgage House brand has received the recognition it has. Website: http://www.mortgagehouse.com.au
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