Posted on: 09th Nov, 2010 11:22 am
I currently own and reside in one home, but I am also waiting for escrow to close on a second home.
But in order to qualify for the new home loan, I had to get a lease agreement signed by a 'renter' which showed that I was going to rent out my current home. This means that the new home would technically be classified on paper as my primary residence. The thing is, I want to rent out the new home and keep the home I currently live in as my primary residence. The new home is a cheaper mortgage, and I think it'd be easier to keep a reliable renter there.
So where paperwork is concerned, what are all the steps I would need to take in order to prove that I will not be moving out of my current home, and will instead be renting out the new home?
But in order to qualify for the new home loan, I had to get a lease agreement signed by a 'renter' which showed that I was going to rent out my current home. This means that the new home would technically be classified on paper as my primary residence. The thing is, I want to rent out the new home and keep the home I currently live in as my primary residence. The new home is a cheaper mortgage, and I think it'd be easier to keep a reliable renter there.
So where paperwork is concerned, what are all the steps I would need to take in order to prove that I will not be moving out of my current home, and will instead be renting out the new home?
Hi Guest,
You should contact your lender and inform him about your situation in order to find out whether or not you will be able to change the paperwork regarding the property. He will guide you in this matter.
Thanks
You should contact your lender and inform him about your situation in order to find out whether or not you will be able to change the paperwork regarding the property. He will guide you in this matter.
Thanks