To Buy or Not to Buy

Owning a vacation home isn't all fun and games

You take your family to the same quaint rental cottage on the beach for two weeks every summer. Wouldn't it be great to have a place to call your own? With mortgage rates still relatively low, this is the perfect time to buy a vacation home, right? Not necessarily. There are a few things you need to consider first.

One is that financing will be a little tougher for a second home than for a first home. Since many banks believe there is a greater risk of a borrower's defaulting on a vacation home, mortgage rates can be higher than they...

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