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Updated about 4 years ago on . Most recent reply
What are my options...
Hello BP,
Need some clarity. I recently did a cash-out refi on my primary with the intent of using the funds to buy a second home with my partner and kids. We are currently renting and the original plan was to have my partner apply for a loan and her and I be on title since I already own a home and wouldn't qualify.
Our lease is up in May, however, we just found out that a family member might be moving in with us temporarily and she may need to extend the lease. This creates an issue b/c without her applying for a loan it leaves me searching for other alternatives. One of which i can use the funds to purchase an investment property/fixer upper,however, can I and my family live in it OR does it need to be renting out? Another option is to rent out my primary, but since i just refinanced I'm not sure if thats an option.
Anyone with ideas or thoughts on this especially legal advice would be much appreciated.
NOTE: The reason why I am not selling my primary (although have considered it) is due to some unexpected legal issues that i need to address. Furthermore, if i am able to rent it out it would more than cover all my mortgage expenses.
Thank you
Armand
Need some clarity. I recently did a cash-out refi on my primary with the intent of using the funds to buy a second home with my partner and kids. We are currently renting and the original plan was to have my partner apply for a loan and her and I be on title since I already own a home and wouldn't qualify.
Our lease is up in May, however, we just found out that a family member might be moving in with us temporarily and she may need to extend the lease. This creates an issue b/c without her applying for a loan it leaves me searching for other alternatives. One of which i can use the funds to purchase an investment property/fixer upper,however, can I and my family live in it OR does it need to be renting out? Another option is to rent out my primary, but since i just refinanced I'm not sure if thats an option.
Anyone with ideas or thoughts on this especially legal advice would be much appreciated.
NOTE: The reason why I am not selling my primary (although have considered it) is due to some unexpected legal issues that i need to address. Furthermore, if i am able to rent it out it would more than cover all my mortgage expenses.
Thank you
Armand