Buying a vacation home can be an exciting next chapter, but confusing to navigate paid Chase
Whether it's the ultimate relaxation spot or a place to seek adventure, these are the steps that will get you there.
Location also matters to lenders, who consider how well a property will retain its value. They’ll want to determine whether the property is a second home or an investment property. “A second home needs to be identified as truly a second home—a place that you’re not going to rent and receive rental income on and that you plan on occupying as a residence for a portion of the year,” says Fady Semaan, executive director and senior lending manager at JPMorgan Chase & Co. in San Diego.
Second homes, like primary residences, may qualify for a mortgage interest tax deduction. Speak with your tax advisor to best navigate your specific situation.
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