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re: Is it possible to refinance a mortage for current home to make it a rental
Posted on 10/20/16 at 11:04 am to GFunk
Posted on 10/20/16 at 11:04 am to GFunk
I purchased a house in 2010, moved out in 2013 to rent it and refinanced in 2015 for a cheaper rate. They were well aware that it was a rental property that was not my primary residence and I still got a lower rate.
2
Posted on 10/20/16 at 11:09 am to TigerRob20
That's not the norm though. As said, you could easily get a mortgage as a rental property the standard is about prime plus 1-1.25%. So they are still good rates. You can roll the cost into the mortgage, but there's not really a way to get around the fees.
Posted on 10/20/16 at 12:32 pm to TigerRob20
Whether you'd like to sign legal paperwork attesting upon penalty of law that you are doing something when you aren't is up to everyone's own particular appetite for risk. Some may agree with you. Some may be more cautious.
I know plenty of folks in your situation. I'm not saying they call mortgages due left and right. What I'm saying is that you've signed paperwork in front of either a Non-Attorney Notary or a Real Estate Attorney at closing that exposes you to the potential for risk. There's no debate.
...and don't think your loan officer cares a bit. He's interested in the loan closing and getting paid. You are the one telling the lender you'll occupy it, not him. He's got plenty of plausible deniability in that scenario.
Like I mentioned before with a lot of things in life, it's all about how much of an appetite for risk you have. Your mileage may vary.
I know plenty of folks in your situation. I'm not saying they call mortgages due left and right. What I'm saying is that you've signed paperwork in front of either a Non-Attorney Notary or a Real Estate Attorney at closing that exposes you to the potential for risk. There's no debate.
...and don't think your loan officer cares a bit. He's interested in the loan closing and getting paid. You are the one telling the lender you'll occupy it, not him. He's got plenty of plausible deniability in that scenario.
Like I mentioned before with a lot of things in life, it's all about how much of an appetite for risk you have. Your mileage may vary.
This post was edited on 10/20/16 at 12:35 pm
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