What’s the difference between a primary residence and a second home?
A primary residence is one that you occupy for the majority of the year and use as your permanent address on documents like your driver’s license and tax returns. A primary mortgage loan is used to finance a primary residence.
A second home, financed via a second mortgage loan, is a property that you do not occupy most of the year. But you may be required to live within the secondary residence for part of the year.