What Determines Property as a Second Home?

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Question:

I have a request for a home equity loan on a second home. What determines that the property is a second home and do I send the same disclosures as a primary residence?

Answer:

A second home is not the borrower's primary residence. The primary residence is where the borrowers are registered to vote, file tax returns and/or the address on their driver's license. Other homes the borrower may have would then be a "second home".

To determine what disclosures you need to give, refer to our Real Estate Matrix, as it depends on the other factors. You can find the Matrix on our website.

First published on BankersOnline.com 4/2/12