Investment property turns out to be primary residence? How to do?
I have full intentions of living in one of the two units I am trying to buy. The unit that I intent to live has a lease for another 1 year. If I bought the property as investment property now, can I re finance to primary residency rates when I move in? Or can I wait another year to move in and make it primary residence?
- Beverly SLv 76 months ago
You can refinance once you live there. You can't change your existing loan without refinancing though. Your rate stays the same unless/until you refinance. You also pay more for investment property.Source(s): Mortgage lender 33 years.
- Casey YLv 76 months ago
Sure, once its established as your primary residence (or even secondary), it shouldn't be a problem.