Moving into a formerly tenant occupied unit

[Alex Cabej]

Northern NJ.  Bergen county.  

Hi all.  Hope everyone is staying safe these days🍻.

One of my tenants moved out.  Currently the building is a under a fixed 30 year investment property (residential) mortgage.  Because it is an investment property the rate is a bit higher (25 basis pts).  

If I were to take the unit, would I be able reclassify the mortgage ?  I'm not really interested in a refi, tbh.

All feedback is welcomed.

[Chantel Porter]

Usually no if its a locked rate.  Consider what it will cost in refi and determine if its worth it . Rates are very low and it may be beneficial to do it