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Updated over 4 years ago on . Most recent reply

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Michael Grey
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First Post - Refinance Question

Michael Grey
Posted

Hello everyone - first time poster. I have a question about converting my primary residence into a rental property. 

Details:

11 years into a 30 year mortgage at 5.25%

Current Home Value around $220k

Remaining Balance - $89k

Total Monthly payment (Principal+Interest+Escrow) = ~$1260

Estimated rent value ~$1900

I would like to hold on to this property for at least 5 more years, but may need to move in the next 6-12 months.

Can anyone recommend a strategy for the best way to convert the home into a rental property if that's the case? Is refinancing the best option? Any recommended lenders? Any alternate strategies I may not be thinking of? Thanks in advance.

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