What if you buy a vacation property/second home and a couple of years down the road decide to rent it out - does it affect your mortgage?
Answers (2)
Michelle,
Heather is somewhat incorrect. On the Disclosure Notices enclosed in your RESPA package you only acknowledge that you already occupy the property or intend to within the next 60 days.
You may buy the property as your primary and rest easy.
Josh Stewart
Web Reference: http://www.pmcsmartloans.com
FIRST ANSWER
Hi Michelle - It depends on the type of mortgage you have, but most mortgages have a 1-3 year clause as far as how long you must occupy to claim as a primary residence and have it not affect your interest rate.
Didn’t find what you were looking for? Ask a question!
More Q&A about Home Buying in 98816
View all »
Asked Fri Oct 23 2009, 15:58 by Rhett Crow in 98816
Ask a question
Got a real estate question? Get answers from locals, experts and real estate pros.
Email me when…
View all »
1 - 3 of 28
|
|
|
|
|||||||||||
|
|
|
|
|
|
Copyright © 2009
Trulia, Inc. All rights reserved. |
Fair Housing and Equal Opportunity
Fair Housing and Equal Opportunity
Help us improve our service—send us feedback