Getting lower rates on non-owner occupied properties
I want to take advantage of the lower mortgage rates to re-fi my rental. However, while the rates on owner occupied have come down a lot, I am not seeing the same for rentals.
The spread is almost 1% !
At what point can I say my rental is no longer a rental. If I don't have a renter for 1 mo and live there for 1 mo and then re-rent it can I claim an owner occupied rate. I doubt someone who rents their property later on actually informs the lender to increase their mortgage rate just because they started renting out their property...