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Old 02-28-2011, 08:17 PM
 
228 posts, read 754,834 times
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I'm told banks will charge a higher interest rate if you buy a property to be a rental, as opposed to a home you live in.

What if I buy a home to live in, but 2-3 years later have to move due to a job transfer. If I choose to rent the house out rather than sell it, will the bank change my interest rate?
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Old 02-28-2011, 08:27 PM
 
Location: Simmering in DFW
6,952 posts, read 21,762,316 times
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No, once you have a mortgage it doesn't change unless you refinance or if you get a variable rate. Otherwise, if it is a fixed rate it will stay that way.
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Old 03-01-2011, 03:36 PM
 
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Somewhere in the 10 inch thick stack of loan docs you will sign may be something about owner occupancy.
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Old 03-01-2011, 07:25 PM
 
Location: southwest TN
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Read your mortgage carefully. IF the mortgage will/can be sold (to such as FannieMae), there WILL be language prohibiting renting out your home. Best to have a lawyer review your documents if you think it likely you will be in that situation. Good luck finding a bank that will not have some reference to secondary mortgage market in the docs.
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