Home Buying in Stamford>Question Details

Helen, Real Estate Pro in 06901

Can I rent out the unit that I recently refinance as a primary residence?

Asked by Helen, 06901 Mon Aug 27, 2012

I just recently finished all the paperwork to refinance my primary residence (a condo), however I am thinking about moving to another city but do not want to sell the unit. Can I rent out the unit that I recently refinance as a primary residence? I don't want to get into trouble with bank or anything, since I had to sign the occupancy paper.

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5
Nick Gandhi’s answer
Hi Helen

In my experience, I have seen many home owners buy as primary (or refinance as primary) and then due to personal circumstances have to relocate, and therefore must rent it out. Most of them have been able to do so with no issues. The two most important things to look at are (1) whether your condo association has any restrictions (most don't) and (2) whether your refinance papers that you signed disallow it.

Hope this helps. Feel free to contact me anytime with questions

Thank you

Nick Gandhi
Equity Capital Real Estate
http://gandhi.listingbook.com
(203) 280 3838
1 vote Thank Flag Link Fri Sep 21, 2012
CHECK YOUR MORTGAGE DEED...CHFA DOES NOT ALLOW YOU TO DO THIS
BUT MOST CONVENTIONAL MORTGAGES DO ALLOW YOU TO.
0 votes Thank Flag Link Mon Aug 27, 2012
You have to read the occupancy letter and the mortgage that you signed. Normally you are allowed to rent w/out penalty; unless you have agreed to some other arrangement.
0 votes Thank Flag Link Mon Aug 27, 2012
Helen
Barring any condo restrictions, you should be able to lease "your" property. If you would like to review the condo regulations (no obligation)' I would be happy to go over it with you. I've been doing condo rentals with success. 203-595-6370
0 votes Thank Flag Link Mon Aug 27, 2012
Hello Helen,
First you want to check with the home owner's association to determine whether or not you can rent out your unit as some complexes have restrictions on this issue.

Also, you probably received a lower interest rate on your refinance due to it being owner occupied. I suggest that you contact your lender to inquire what additional fees may apply and what the change in the interest rate may be if you decide to turn it into an investment property.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Mon Aug 27, 2012
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