Turning Primary residence into a rental

[Aaron Pribyl]

Hi bp, I am currently finishing the remodel of my primary residence interior. I am just about done and I am pretty much never home any more because I stay at my girlfriends house most days. We are saving money to buy a house together in the future. She presented a great idea to me the other night, of renting my house out once I’m done remodeling it in a couple weeks. This will allow me to save even more money for our house while living with her. I live in Michigan and I’m curious what this would involve for me? Would I need a whole new mortgage, or do I just contact my lender to see if this allowable on my current loan? Thanks for the help!

[Ben Zimmerman]

You will need to call your insurance company though to let them know that this is now a rental.