my rental lease is due in june, 2012. I'm not renting it out anymore and I want to convert it to my secondary home. Should I wait out on the?

Asked by Kim, 95116 Fri Mar 9, 2012

refi?

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Elva Wormley, Mortgage Broker Or Lender, San Jose, CA
Thu Mar 22, 2012
Hi Kim,

The interest rates are better for second homes vs. rental properties. However, for the property to be considered a second home it must be in a location remote in distance from your primary residence and cannot be located in the same metropolitan area.

Best regards,

Elva Wormley
C2 Financial Corporation
0 votes
Ruth and Per…, Agent, Los Gatos, CA
Sun Mar 11, 2012
Yes, right now it will be deemed a Rental and rates will be slightly higher.

Good luck
Perry
0 votes
Kim, Home Owner, 95116
Fri Mar 9, 2012
Should I wait out on the refinancing was my question.
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