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Updated over 5 years ago on . Most recent reply
Mortgage on rental property
I would like to purchase rental property. I’ve applied for a mortgage and the question came up if it will be my primary residence, so I answered “yes”. After I do a light rehab (1-2 months) I plan to rent it out.
Questions: What are the ramifications to my mortgage? Someone suggested once I rent it out create an LLC transfer the title and notify the mortgage company? Will they increase my interest rate? Etc..
Any advise will be appreciated.
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Wayne Brooks
#1 Foreclosures Contributor
#1 Foreclosures Contributor
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- West Palm Beach, FL
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
No. If you get an occupied loan you are required to live in it for at least a year.