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Started By
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Does your mortgage rate change if you start renting?
Posted on 6/2/21 at 5:28 pm
Posted on 6/2/21 at 5:28 pm
Thinking about refinancing. I’ll most likely be in this house another 5 years or so. But it’s an ideal house to rent when I decide to move.
Does my rate change if it’s no longer my primary residence?
Does my rate change if it’s no longer my primary residence?
8
Posted on 6/2/21 at 5:32 pm to Weagle25
If done legally, yes.
So will home insurance rates, which you want to protect yourself.
So will home insurance rates, which you want to protect yourself.
Posted on 6/2/21 at 5:37 pm to Weagle25
ETA: Ignore.
This post was edited on 6/2/21 at 6:01 pm
Posted on 6/2/21 at 5:40 pm to Weagle25
Most mortgages I've had state you have to live in the house for 12 months and I have lived in them then moved out and rented it. The big thing, at least for me, is you can't claim the homestead exemption on your property taxes and the county can raise your taxes to market rate every year. Whereas your homestead can only be raised a certain percent each year. So i pay out the ying-yang in property taxes.
Posted on 6/2/21 at 5:41 pm to go ta hell ole miss
So what happens in 5 years when I make it a rental?
I notify the mortgage company and they adjust the rate?
I notify the mortgage company and they adjust the rate?
Posted on 6/2/21 at 5:45 pm to Weagle25
quote:
So what happens in 5 years when I make it a rental? I notify the mortgage company and they adjust the rate?
ETA: Like C said, ignore this post.
This post was edited on 6/2/21 at 6:01 pm
Posted on 6/2/21 at 5:49 pm to go ta hell ole miss
Appreciate the info 
Posted on 6/2/21 at 5:52 pm to Weagle25
Your rate stays the same. Ignore everyone else.
Posted on 6/2/21 at 5:54 pm to Weagle25
Typically if you stay a year you can do what you want. But your property taxes will go up.
Posted on 6/2/21 at 7:58 pm to Weagle25
Mortgage rates don’t change for the length of the mortgage if it’s a fixed rate. Doesn’t matter if you rent later.
Posted on 6/2/21 at 9:16 pm to Weagle25
quote:
Does my rate change if it’s no longer my primary residence?
No
Posted on 6/2/21 at 11:06 pm to Weagle25
No, but if you’re goin to refi, do it before it turns into an investment property. Rates are higher for those.
Posted on 6/2/21 at 11:15 pm to ColoradoAg03
Well I’m probably going to do it now.
Just thinking things through. Would be kind of pointless to refi if my rate would go up in a few years anyways. Since it’s not, don’t see why I wouldnt
Just thinking things through. Would be kind of pointless to refi if my rate would go up in a few years anyways. Since it’s not, don’t see why I wouldnt
This post was edited on 6/2/21 at 11:16 pm
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