If i bought my house 3 yrs ago as primary and now rent it out would i have to refinance as an investment prop

Ken
I wanted to refinance to get into a 30 year fixed because i only have a 5yr fixed arm right now. I think I want to continue renting until the market picks up again, and i can at least make a profit when i sell

Meda
Check the terms of your mortgage. Some preclude turning it in to a rental, the loan may only be for a primary residence.

Deadra
Roy, once you've past the 1yr mark, you may rent it or do anything you want to to it...you are correct though, you need to begin to get out of that ARM because 24 months pass quickly and the penalties and interest ad up quickly. Additionally, chk to see if you have a prepayment penalty b4 the 60 months...then you must inform the new lender and escrow company to make sure and close on the anniversary dates so not to put yourself in foreclosure proceedings.

Darrick
Yes, you will have to refinance as an investment property.

Doyle
You should have already had to refinance into an investment property loan. Most likely there is a clause in your mortgage/note that states that you have to notify your lender if the occupancy status of the house changes... You should have already refi'd so that you weren't in default of your mortgage/note.