Posted on: 07th Nov, 2011 04:51 pm
We closed very recently on a condo that we originally only planned on using as a second home and but we would now like to rent it out. We signed a second home rider but was wondering how receptive the mortgage company would be to convert this to an investment mortgage. We put 30% down and have excellent credit and income.
Thanks in advance.
Thanks in advance.
Hi pmpotter,
It is true that it will be completely the lender's discretion whether or not he will consider your request and convert the residential mortgage into an investment mortgage. However, as you have put a down payment of 30% and that you have an excellent credit and income, I think you may be able to convert it into an investment mortgage.
Thanks
It is true that it will be completely the lender's discretion whether or not he will consider your request and convert the residential mortgage into an investment mortgage. However, as you have put a down payment of 30% and that you have an excellent credit and income, I think you may be able to convert it into an investment mortgage.
Thanks
I have no idea what your mortgage documents state in them.
Many mortgages (read the NOTE and the MORTGAGE) require that you use the porperty as orginally intended for at least 12 months. After that, if you change to an investment property, nothing need be done and you can do it.
You are being very honest
If you just started renting the property, you would most likely never run into a problem as long as you pay the mortgage on time. If the mortgage is paid on time, the lender has no reason to ever look at you.
Many mortgages (read the NOTE and the MORTGAGE) require that you use the porperty as orginally intended for at least 12 months. After that, if you change to an investment property, nothing need be done and you can do it.
You are being very honest
If you just started renting the property, you would most likely never run into a problem as long as you pay the mortgage on time. If the mortgage is paid on time, the lender has no reason to ever look at you.
