Mortgage rates for a second home are also typically 0.25% to 0.50% higher than the rate for a primary residence, said Garth Graham, senior partner at Stratmor Group, a mortgage advisory firm. The rate is usually 0.50% to 0.75% higher for an investment property.

On Wednesday, Trump called on Cook to resign after Federal Housing Finance Authority director William Pulte sent a "criminal referral" to Attorney General Pam Bondi, accusing Cook of mortgage fraud. Neither Bondi nor the Justice Department has announced if they plan to open a criminal investigation into Cook.

President Trump calls on Federal Reserve Governor Lisa Cook to resign, accusing her of mortgage fraud. NBC News Politics Reporter Allan Smith reports these allegations mirror similar accusations he’s leveled against Sen.