Owning a vacation home can be great for your own personal use and it's also a smart investment! With a vacation home loan, you must use the property for some portion of the year for personal use, but there are no restrictions on short or mid-term renting it while you're not using it.
As a rule of thumb, it may be harder to qualify for fixed-rate loans than for adjustable rate loans. When interest rates are low, fixed-rate loans are generally not that much more expensive than adjustable-rate mortgages and may be a better deal in the long run, because you can lock in the rate for the life of your loan.
