Register or Sign in        Email This Page     Link To This Page    
Visit MND at MBA in NYC!
33,877
# of User Comments

You do not have permission to post in these forums.  Join Now or Sign In to post.

Page 1 of 1 (4 items)
Post Statistics: 446 Views, 3 Replies
Latest Post: Wed, Aug 5 2009 2:11 AM by Curt Sandfort
  • Thu, Jul 30 2009 12:08 AM
    • Anonymous
    Must Keep Existing House as Primary Residence for 60 Days
    I aam refinancing my house to buoya new house closer to my husbands work. I am planning on renting my existing house but in my refi paperwork it sys that I musy keep the exisitng house as my primary residence for 60 days. What does that mean?
     
  • Fri, Jul 31 2009 11:31 AM

    It means that the refinance that you are applying for on your current home is a loan for a owner occupant. If you are refinancing to pull cash out of buy another home, then it will not be owner occupied and you should advise your loan officer.

     - View My Profile
    Sr. Mortgage Advisor
    Pulse Funding of Texas, Inc.
    lshaw@pulsefunding.com
    (512) 266-3800
  • Fri, Jul 31 2009 2:23 PM

    Did you mean to say that the new lender on the new home is requiring that you occupy the new residence with in 60 Days?

  • Wed, Aug 5 2009 2:11 AM

    If you are looking at your refi paperwork, I'm surprised it only says 60 days, I think 1 year is more typical.  If you do not disclose your intention to turn the existing home into a rental you are committing mortgage fraud.  Google FBI + Mortgage Fraud to see what lies ahead for you!  If you have already signed, I would recommend rescinding the transaction.

     - View My Profile
    Owner/Loan Officer
    Premier Home Loans
    curt@phlloans.com
    (800) 745-2637
Page 1 of 1 (4 items)
X
Track Mortgage Rates Daily with our Free Daily Rate Updates. There are several ways to follow daily rate movements, including:
Email Address:   Zip Code:  
RSS - Subscribe to our Daily Rate Update RSS Feed.
Twitter - Follow our Daily Rate Update on Twitter.
Facebook - Follow our Daily Rate Update on Facebook.
Bookmark - Bookmark our rates page and visit daily for updates.
Mobile Apps - There's an App for this too. Learn more about our Mobile Apps.