How hard is it to refinance your home as a rental property?
Our current mortgage needs to be refinanced no matter what we decide to do, but we are considering using the home we live in as a rental and buying another house to live in. Our mortgage now requires that we live in the home. How difficult is it to refinance as a rental property? Our credit is good. Has anyone out there done this?
Most lenders will just require an assignment of rents and leases if you have checked zoning and gotten the permits and the things needed to set up a rental property in your state
I do this every few years. My parents have done it my entire life. I grew up in houses being “fixed up”. You won’t have a problem. My parents now live entirely off of rent, and live very well.
This is not a problem. In CA you don’t need any permits, I don’t know where the other poster lives, but I have never heard of that.
Some HOA disallow renters, so you need to check that if you are in one of those communities.
The mortgage gets redone as an investment, which changes your taxes a bit. Use a tax professional to keep it straight and get all of your benefits.