Moved from the West Coast to Middle America 9 months ago and bought a home, and now I want to move back to where I was, how long do I have stay in my home before I can move? And should I notify my mortgage company that I'm thinking about moving? I want to continue buying the house and I have a relative who wants to occupy it, so it wouldn't be vacant. I am very concerned about this, help!
2007-01-11 05:16:26 · 10 answers · asked by ts 4 in Business & Finance ➔ Renting & Real Estate
I am assuming 'I want to continue buying this home' means that you wsh to continue paying the mortgage payment and that you closed this purchase 9 months ago...
The only thing you need to tell the existing mortgage company is the new address where you want the bill sent. Your interest rate will not change jut because you have decided to move and rent out this home. You have not committed loan fraud since you intended and indeed used this property as a primary home just like you said you were going to. The fact that you have decided to move back west does not matter.
Your real issue is going to be moving back and finding somewhere else to live. If you intend to purchase again keep in mind that you will now have to qualify for the new home along with the other property. Lenders will only allow you to use 75% of the rental income for qualification purposes since they know there is money spent on the rental in maintenance, vacancy etc...
If you do decide to buy again make sure that the renters have signed a rental agreement even though they are family since a new lender will want a copy of the agreement.
Other than that, good luck!
Kevin 866-562-6838 x 106
kruorock@firstatelending.com
2007-01-11 06:47:39 · answer #1 · answered by Mudisfun 3 · 1⤊ 1⤋
There is no reason to tell your mortgage company that you are moving. Also your interest rate will not change because you have not converted your former owner occupied property into a rental.
No one will come and knock on the door to find out who resides there except the censor.
You should notify mortgage company of the change of address, unless you trust your relatives to send the mail to you.
You are still responsible to the mortgage company to pay the mortgage.
I hope this is of some use to you, good luck.
"FIGHT ON"
2007-01-11 05:37:23 · answer #2 · answered by Skip 6 · 1⤊ 1⤋
Much of this will depend on whether there is a prepayment penalty attached to the loan you have. Many of these would be at least a 2 year commitment with a penalty equal to 6 months interest if you close the loan early.
Even in that case that doesn't prevent you from selling the home immediately if you can afford it.
Here is some additional info. Hope this helps.
2007-01-11 05:59:04 · answer #3 · answered by loanman46 2 · 1⤊ 0⤋
we've hit the credit crunch and are in a recession formally. that's greater solid to get a loan now then it become 2 years in the past. the respond is definite you nonetheless can get a loan even along with your status how that's. The right away forward answer is you will ought to placed a deposit down of 20% and prepare you have the ability to maintain up money.
2016-12-12 09:14:03 · answer #4 · answered by ? 4 · 0⤊ 0⤋
You can move whenever you want to. Since you will be renting it out, it won't be a good idea to tell your mortgage company, since this will no longer be your primary residence. They will consider it as commercial property and you interest rate will change.
2007-01-11 05:29:17 · answer #5 · answered by Anonymous · 0⤊ 1⤋
As long as you pay your mortgage on time you can move. The mortgage company won't care.
The mortgage company also won't care if you rent the house.
The home is legally yours and you can do with it what you please. The mortgage company only has a lien.
2007-01-11 05:22:54 · answer #6 · answered by Anonymous · 1⤊ 0⤋
They will care less who lives there now just so long as it is paid on time all the time! You can give them the new address to send all statements etc.
2007-01-11 05:21:53 · answer #7 · answered by golferwhoworks 7 · 1⤊ 0⤋
It sounds like you haven't even closed on the purchase of this home in the Midwest yet?
If so, please read the following: http://answers.yahoo.com/question/index?qid=20070104063524AAk4oAS
You can't continue with your purchase if you have zero intent to occupy the property.
2007-01-11 06:13:25 · answer #8 · answered by Anonymous · 0⤊ 2⤋
Basically, since you're not selling, it doesn't matter how long you've been there.
Good luck!!
2007-01-11 05:52:57 · answer #9 · answered by CEESONE 4 · 1⤊ 0⤋
Since you're not selling, it doesn't matter how long you've been there.
2007-01-11 05:24:21 · answer #10 · answered by hatchland 3 · 1⤊ 0⤋