Refinancing documents – primary residence

[Ann Silvia]

#468

Hi, I’m refinancing my house and the bank is asking for my rental property info. I am considering moving to my rental property and refinancing my house (and renting it out). However, the bank has totally different rates for if I refinance it as a primary residence or a secondary residence. How can I get the best rates like it’s a primary residence, given my interest in moving.

[nhamilton]

#471

Hi, Ann. Great question. This is a question we’ve gotten often – can you put down that a mortgage is a primary residence even if you plan to use it as a secondary residence or rent it out. This is because, yes, mortgages for primary residences are usually at better rates than for secondary, etc. We wrote a post on it because it’s a topic that is important and often asked about. Hope it is helpful: https://www.homeownering.com/blog/2020/12/28/what-if-you-say-that-your-mortgage-is-for-a-primary-residence-but-its-really-not/

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