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re: Mortgage rates
Posted on 2/2/18 at 4:25 pm to HYDRebs
Posted on 2/2/18 at 4:25 pm to HYDRebs
I have a question for yall. I'm closing on a house on Feb 14th. I currently own my house. My plan is to start renting my current house when I move into the new one. Is my initial mortgage company going to try and change my rates or anything cause it's not primary residence or am I in the clear because it was my primary residence for 5 years?
1
Posted on 2/2/18 at 5:06 pm to SouthOfSouth
quote:
Is my initial mortgage company going to try and change my rates or anything cause it's not primary residence or am I in the clear because it was my primary residence for 5 years?
There should be no change to your 1st mortgage. In my experience, subsequent mortgages have a higher rate to account for multiple mortgages. The lending risk should already be built into the one you close on in two weeks.
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