I would like to know whom everyone is using for their mortgage and what rate you’re getting these day’s
I am looking at a duplex in Toledo,OH and plan to put 20% down.
Do you get better rates if you plan to live one side of the duplex? What happens if you then decide to scale up and rent out the side you initially lived in? Does the affect mortgage/insurance etc.
It comes down to what type of mortgage you're looking at getting and the terms. These together determine the interest along with your credit standing.
You do get better rates if you plan to live in one side as this isn't going to be considered an investment property (of course this is assuming you have decent credit).
Depending on the loan type, (FHA vs Conventional vs VA, etc.) your rates would not be impacted once you move out but you may have an obligatory minimum timeframe you have to have the duplex as your primary address.
Not living in the unit normally impacts insurance. You normally pay more if you're not living in the residence for the same coverage of insurance.
Hopefully, this has been of some value.
You will get a better rate on a primary residence that an investment property.
Rates are low now so it is a great time to buy!
If you are buying as a primary than you should intend on living in the property for at least a year. After that you can move out and rent it out without an issue. You won’t be required to refinance if you decide to make it a rental down the road.