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Updated over 4 years ago on . Most recent reply

Stephanie Gledhill's profile image
Stephanie Gledhill's profile image
Stephanie Gledhill
  • from Huntington Beach, CA
  • Member since Aug 30, 2019
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Stephanie Gledhill's profile image
Stephanie Gledhill's profile image
Stephanie Gledhill
  • from Huntington Beach, CA
  • Member since Aug 30, 2019
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Stephanie Gledhill
  • Huntington Beach, CA
21
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49
Posts
Personal Finance

Refinance as a second home with a renter

Stephanie Gledhill
  • Huntington Beach, CA
Posted

I bought a property in May 2020 as a second home. My lender told me if I ever INTENDED on living there I could purchase it as a second home. (I live in CA, this property is in TN).

I would like to refi this property from 3.5 to 2.625 as a second property. I have a renter in it as of July. My lender is getting an appraisal waiver.

Does the INTENT rule still apply? Do people do this? The lender is pushing me to do it. Can I get in trouble for this?

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