I longed for to refinance to get in to the thirty year bound since i usually have the 5yr bound arm right now. I consider I wish to go on renting until the marketplace picks up again, as well as i can during slightest have the distinction when i sell
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{ 4 comments… read them below or add one }
Roy, once you’ve past the 1yr mark, you may rent it or do anything you want to to it….you are correct though, you need to begin to get out of that ARM because 24 months pass quickly and the penalties and interest ad up quickly. Additionally, chk to see if you have a prepayment penalty b4 the 60 months…then you must inform the new lender and escrow company to make sure and close on the anniversary dates so not to put yourself in foreclosure proceedings.
Check the terms of your mortgage. Some preclude turning it in to a rental, the loan may only be for a primary residence.
Yes, you will have to refinance as an investment property.
You should have already had to refinance into an investment property loan. Most likely there is a clause in your mortgage/note that states that you have to notify your lender if the occupancy status of the house changes… You should have already refi’d so that you weren’t in default of your mortgage/note.