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Old 05-12-2009, 11:03 AM
 
3 posts, read 21,204 times
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I am researching what, if any, affect changing my house from primary residence to a rental property would have on my mortgage. Will it increase my rate or am I locked in (I have a fixed rate) no matter if I live there or not? Do I have to tell the mortgage company that I have even moved? JUst looking for some guidance. I know I need to change my insurance policy to a rental dwelling, but I'm not sure what other changes I will need. I'm having trouble finding the answers. Thanks!
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Old 05-12-2009, 11:33 AM
 
Location: MN
761 posts, read 3,290,808 times
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What type of mortgage do you have? With FHA, it has to be your primary residence, but with conventional it does not. I am not sure about VA though.
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Old 05-12-2009, 11:43 AM
 
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I have an interest only (10 year) and then 20 year fixed rate. I am located in NC. Thanks!
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Old 05-12-2009, 12:18 PM
 
Location: MN
761 posts, read 3,290,808 times
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Have to see what others have to say on that one..
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Old 05-12-2009, 01:09 PM
 
Location: Just south of Denver since 1989
11,654 posts, read 32,624,785 times
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how long has your mortgage been in effect?
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Old 05-12-2009, 01:11 PM
 
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I closed in Feb. 2008 and have lived at the property since.
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Old 05-12-2009, 01:33 PM
 
Location: Just south of Denver since 1989
11,654 posts, read 32,624,785 times
Reputation: 8589
no one can change the terms of the mortgage without your consent.

If your mortgage was only a few months old, the lender could cry foul.

Go forth and prosper in real estate.
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