Refinance primary residence defintion
Trying to reifnance. Moved from NYC to DC for a new job but have an apartment in NYC that i am trying to refinance the bank is forcing me to list this as investor because it is rented out. I am don't own another property. Can't afford a mortgage in NY, plus rent in DC. Couldn't sell the property before having to leave for work. I feel caught in a really bad trap. Help! by har4_838_579 from Gaithersburg, Maryland. Aug 31st 2011
Angela Tucciarella (angela)
#13 ranked lender in Maryland - 6 contributions
If you still have mail or your ID list NYC as your address, than you should be fine. Please feel free to call me at 443-610-2442 to discuss some further options!
Chasity Graff (Chasity)
#9 ranked lender in Louisiana - 29 contributions
I think your going to have this problem with most lenders. If you are earning income on a property while living at another residence -- no matter what your intentions were when you purchased the subject property or how your original loan was structured - they will assume it's investment property. You will have a hard time persuading an underwriter otherwise regardless of your current living situation. If this loan was on my desk I would have to work it as an investment property too. The real question would be what rate are you being offered for an investment refinance? There are lenders out there that still offer great rates on investment properties and it may still be in your best interest to refinance if it lowers your monthly note.
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