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Updated almost 5 years ago on . Most recent reply

Robert Gonzalez's profile image
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Robert Gonzalez
  • Rental Property Investor
  • from New York, NY
  • Member since Dec 23, 2015
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Robert Gonzalez's profile image
Robert Gonzalez's profile image
Robert Gonzalez
  • Rental Property Investor
  • from New York, NY
  • Member since Dec 23, 2015
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Robert Gonzalez
  • Rental Property Investor
  • New York, NY
16
Votes |
57
Posts
Private Lending & Conventional Mortgage Advice

Noob Questions: Need Help!

Robert Gonzalez
  • Rental Property Investor
  • New York, NY
Posted

So I am renting out my primary residence (PA) and I live in an apartment in another area (NYC). 

First question: Do I need to do anything with my current mortgage or can I keep it as the current primary residence loan?

The second question is this: Can I refinance that mortgage to a lower rate with a primary residence loan since it is rented out and I don't live in it?

Thanks!

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Lisa Eckman's profile image
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Lisa Eckman
  • Lender
  • Member since Sep 18, 2019
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Lisa Eckman's profile image
Lisa Eckman's profile image
Lisa Eckman
  • Lender
  • Member since Sep 18, 2019
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Lisa Eckman
  • Lender
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114
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Lisa Eckman
  • Lender
Replied

1 - no, it’s fine. Happens all the time. 
2 - no, it is now NOO (non owner occupied) since you no longer live in it.

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