Question going on for a Vanguard Invenstment loan?
What is the difference between a principle residence loan and a non principle residence loan?
Answers: Generally, a principle residence loan would have a somewhat lower interest rate because the perception is that one is more likely to preserve up with the payments on ones home than on a time off home or what ever. Anyway that was the belief. It appears as though those ideas might involve a little reevaluation.
both of these are considered "owner occupied", but the "principle" residence is the one most guard think is the safest one to loan on. "non principle" residences are resembling summer homes, vacation homes, etc. that the owner occupy, but regularly. Banks used to think that the "principle resicence" be a safer risk, but they have be finding out that, very repeatedly, the oppposite is true because the non-principle residence is usually lower in price and easier to suspend on to in a financial crash.
Hope this help.
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Answers: Generally, a principle residence loan would have a somewhat lower interest rate because the perception is that one is more likely to preserve up with the payments on ones home than on a time off home or what ever. Anyway that was the belief. It appears as though those ideas might involve a little reevaluation.
both of these are considered "owner occupied", but the "principle" residence is the one most guard think is the safest one to loan on. "non principle" residences are resembling summer homes, vacation homes, etc. that the owner occupy, but regularly. Banks used to think that the "principle resicence" be a safer risk, but they have be finding out that, very repeatedly, the oppposite is true because the non-principle residence is usually lower in price and easier to suspend on to in a financial crash.
Hope this help.