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Updated over 4 years ago on . Most recent reply
Moving into a formerly tenant occupied unit
Northern NJ. Bergen county.
Hi all. Hope everyone is staying safe these days🍻.
One of my tenants moved out. Currently the building is a under a fixed 30 year investment property (residential) mortgage. Because it is an investment property the rate is a bit higher (25 basis pts).
If I were to take the unit, would I be able reclassify the mortgage ? I'm not really interested in a refi, tbh.
All feedback is welcomed.
Most Popular Reply
Usually no if its a locked rate. Consider what it will cost in refi and determine if its worth it . Rates are very low and it may be beneficial to do it