I have an accepted offer and shopping around to get the best interest rate. One of the lenders wanna give me residential mortgage interest rate though I told them it’s investment. Does that cause any problem down the road with Tax or insurance ?
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
4y
@Saman Jafari can you clarify ? a residential mortgage rate is the same as an investment mortgage rate ....do you mean to say that you received a primary owner occupied rate from the lender when you are buying a rental property ? if so - you should get this clarified so that the loan isnt messed up as you get closer to closing ( fyi - the pricing for a rental property will be much higher than the "owner occupied " pricing )
I have an accepted offer and shopping around to get the best interest rate. One of the lenders wanna give me residential mortgage interest rate though I told them it’s investment. Does that cause any problem down the road with Tax or insurance ?
It’s probably mortgage fraud, wether it falls on you or the mortgage person.
Lender · Seattle, WA · Member since 2014 · 2k+ posts · 899 votes
4y
@Saman Jafari can you clarify ? a residential mortgage rate is the same as an investment mortgage rate ....do you mean to say that you received a primary owner occupied rate from the lender when you are buying a rental property ? if so - you should get this clarified so that the loan isnt messed up as you get closer to closing ( fyi - the pricing for a rental property will be much higher than the "owner occupied " pricing )