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Updated about 10 years ago on . Most recent reply

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24
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1
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Tim A.
  • Milwaukee, WI
1
Votes |
24
Posts

Primary Residence Clause

Tim A.
  • Milwaukee, WI
Posted

Hello,

I just got the SFH that I live in refinanced about six months ago. I would like to purchase a duplex and move into that property as my primary residence, which I have been approved for financing. After reviewing the terms in my refinance, I noticed that there is a clause in there that I must occupy my current house as my primary residence for one year. Is this just another technicality, much like the clause about transferring a title for a property to an LLC., that I could breach without my current mortgage company finding out or even caring?

Thank you in advance.

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