Anonymous
Anonymous asked in Business & FinanceRenting & Real Estate · 6 months ago

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?

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  • 6 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.
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  • 6 months ago

    Sure, once its established as your primary residence (or even secondary), it shouldn't be a problem.

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