Asked by Abel, Daly City, CA • Mon Apr 16, 2012
I bought a house in 2008 in San Mateo and have lived here for the past 3 years. I am thinking about buying another one in the same city and rent out my current one. Question 1: my current home loan interest rate is based on owner occupy, if I rent it out, will there be any issues or problem because it was not originally purchased as a rental property but primary home. Should I notify my lender when I rent out the current house? Question 2: If I am moving into occupy the new home that I am thinking to purchase, am I qualified for primary home mortgage rate or second home mortgage rate? Thanks.
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