Refinance a rental that was bought as primary residence

[Victor Kozlovsky]

Hi all,

I am thinking about refinancing a condo that I got three and a half years ago as a primary residence (and actually lived in for about three years), but I am not sure how the process works since it is not an owner occupied property anymore. Will rates be higher compared to if it still was my primary residence? Should I go to the same bank (BofA) that issued the original mortgage? Any advice is highly appreciated. Thank you.

[Merritt Noel]

One thing to keep in mind is the potential for the mortgage interest rate write-off.  This is something that a CPL could better inform you on.  But if its a scenario that you might hit a lower tax bracket with the mortgage interest write off that could help?  Plus to access $27,000 today at low interest rate.  You could earn more year over year with that money in some sort of investment vehicle rather than having it tied up in the property.  Just my two cents.  Good Luck!