2nd Mortgage Question

[bigman023]

Wife and I are considering purchasing a 2nd home on a lake. The mortgage for our primary home is in my name only. Wife is only on the deed.

1. If wife apply by herself, would the new loan be considered,by the potential lenders, as a 2nd mortgage for her. 

2. Would the property being her secondary vs primary home make any differnce in the qualifying process, if  only conventional loan products are beinf considered.

Thanks

[StartingOver10]

You and your wife can only have one primary residence at a time.  You already have a primary home with your wife so this new property would be for a second home or an investment property. Investment properties require a much larger down payment and higher interest rate.

The terms for a second home are usually similar to the terms for a primary except that you may need a slightly larger down payment. 10% down on secondary homes is common.