In January 2022, a taxpayer takes out a $500,000 mortgage to purchase a main home. The loan is secured by the main home. In February 2022, the taxpayer takes out a $250,000 loan to purchase a vacation home. The loan is secured by the vacation home. Which of the following statements is CORRECT?

All of the interest paid on both mortgages is deductible. Only the interest on the taxpayers main residence is deductible. The interest on the vacation home is only deductible if it is secured by the main residence.