I have a high interest rate on my primary house. I am looking to refinance then rent it out to someone. Would the mortgage company allow me to do that?
Flipper/Rehabber · Nowheresville, NY · Member since 2015 · 31 posts · 20 votes
6y
Why not? If you live there you can refi as your primary residence. Even if you didn't live in it you could refinance it, rate would just be a point or two higher. Refinance while it's your primary, get the good low rate then rent it out
I have a high interest rate on my primary house. I am looking to refinance then rent it out to someone. Would the mortgage company allow me to do that?
You can certainly refi your primary as a primary home. Just keep in mind that you sign a document at closing and make a commitment that you will owner occupy the property for 12 months. After that you can rent it and there is no harm. On the other hand, if you intend to do the refi as an owner occupied primary and then turn around and rent it out, then that's mortgage fraud. You might not get caught. But if you do then you will not like the outcome.