A primary residence is a home in which you live for the majority of the year. It could be a free-standing home, a condo, a co-op... it could even be a boat—but you can only have one primary residence. Home loan rates tend to be lower for primary residences, so it's important that you let your lender know this information in your application. The interest that you pay on a home loan for a primary residence may also be tax deductible. Get pre-approved in as little as 3 minutes.