Posted on: 24th May, 2012 11:50 am
i have been living in my current home since 2008. i am doing a refinance right now.
however, in october, i am purchasing and moving to a new home, and i will be renting out my current home.
during the application process for a refinance on my current home, they told me that i won't be able to do the refinance as a primary residence because will be moving to a new home and that will become my new primary residence. they said that for a primary residence you have to live in it for at least 12 months before changing to a new primary residence. so they want me to do the refinance as an investment property which adds about half a percent to the rate.
i spoke with someone else, and they told me that that was bs, and i can do the refinance as a primary home without a problem.
so which is it?
however, in october, i am purchasing and moving to a new home, and i will be renting out my current home.
during the application process for a refinance on my current home, they told me that i won't be able to do the refinance as a primary residence because will be moving to a new home and that will become my new primary residence. they said that for a primary residence you have to live in it for at least 12 months before changing to a new primary residence. so they want me to do the refinance as an investment property which adds about half a percent to the rate.
i spoke with someone else, and they told me that that was bs, and i can do the refinance as a primary home without a problem.
so which is it?
Hi george,
If the property is your primary residence right now, then you should normal refinance rates as available in the market. They can't ask you to pay a higher rate just because you may leave the property in the future. I think you should cancel the deal with them and search for a new lender.
Thanks
If the property is your primary residence right now, then you should normal refinance rates as available in the market. They can't ask you to pay a higher rate just because you may leave the property in the future. I think you should cancel the deal with them and search for a new lender.
Thanks
Welcome george,
If you're presently living in the property and if you've equity in it and meet other requirements of the lender, then you will get normal rates while refinancing your mortgage. I don't think you will face any problems.
If you're presently living in the property and if you've equity in it and meet other requirements of the lender, then you will get normal rates while refinancing your mortgage. I don't think you will face any problems.
The first Loan Officer is correct. Your current residence must be rented for 12 months before you'll be allowed to purchase another residence as your primary residence. And the Underwriter is going to want to see proof, either via Tax returns or cancelled rental payment checks.
