Rookie Mistake?
I have a tenant moving into my old home in a couple of weeks. I recently got a credit card using my new address which is now showing as my current address. I want to refinance the old property, but I've heard that if I say it's an investment property instead of a primary residence, then the interest rate on the refi is higher
Is this true? How can I get around it?
If your not living in the home then you can't refi with Owner Ocupant Status. You will have to refi as an investment property. The rate shouldn't be that much higher. What can hurt you is the LTV is usually lower. Around 70%-80%.
I would not recomend you trying to claim this as an OO loan.
Depending upon your credit, LTV below 90% and Debt to income inline the rate may not be that much higher anyway.
Tahnks for the info. I decided to go ahead with the investor option.