Do I need to tell my lender? - Posted by Kerri

import · February 26, 2001, 2:18pm

Posted by Kerri on February 26, 2001 at 17:06:54:

Thanks Jason. I appreciate the quick response!

import · February 26, 2001, 2:18pm

Posted by Kerri on February 26, 2001 at 15:18:15:

I own a have lived in my home for about a year and a half. I’m looking to buy another home and would like to rent out the one I am in now. When I bought my present home I applied for the mortgage as if it was my primary residence, which it was. Now that it won’t be my primary residence any longer, but an investment property, do I have to notify my lender and have the terms changed on my mortgage?

Thank You.

import · February 27, 2001, 12:34pm

Re: Do I need to tell my lender? - Posted by jason_VA

Posted by jason_VA on February 27, 2001 at 13:34:47:

No need to inform lender, DO however, inform your homeowners insurance carrier. If there is property damage, and you didnt update your insurance to investment property insurance, you will be in a WORLD of hurt. Just a friendly reminder from an insurance guy.
-Jason

import · February 26, 2001, 3:18pm

Re: Do I need to tell my lender? - Posted by jason (kcmo)

Posted by jason (kcmo) on February 26, 2001 at 16:18:59:

nope, your cool. your intent when you moved in was to owner occupy. you did live there you said for 1 1/2 years? if so, your fine. even if you have fha or va loan, they typically only stipulate that you live there a year. after that, just pay the bill.