Question on refinancing on a Property that is out-of-state

[Christine G.]

Hi all,

I am in the process of refinancing a property I own in Massachusetts. I have spoken to a few lenders and I just got off the phone with a lender who said that I wouldn't be able to refinance my property as a primary resident after he found out I live in Texas and started a job here (currently living with my boyfriend who is paying rent here, i am not on the lease). He said I would have to somehow prove that I still reside in MA for at least 6 months of the year either by having my employer write a letter or something. He was honest with me and said he'd hate to see me go through the process only to get to underwriting part and have the lender deny me because of this.

We then looked at options to refinance as an investment property but the rates were too high and overall not worth me refinancing (I currently have a 3.5% rate on a 15 yr fixed mortgage with 12 years left, and about 100k in equity on the property).

So my question is, what are my options here? is there a way around this? He said because my credit score is 830 I could get a good HELOC rate which essentially acts as a credit card but I dont feel comfortable going this route.

Thanks!

Christine