How do I refinance a residence to a rental?

Answer by  canospamo (87)

Refinancing, whether for a rental or a residence, means getting a new loan to pay the old one. Mortgage rates will be higher for rentals than for your residence, so check carefully to see if you are better off keeping the old loan.

Answer by  Jakecutter (1819)

You need to do this through your bank with holds your loan or mortgage. If you can't find a good rate there, then you can usually check with credit unions.

Answer by  JenT (166)

Contact the bank that holds your mortgage to see if they offer refinancing. You can also check with credit unions and smaller banks in your area who may be more flexible. Compare the various offers and then contact the loan officer at your choice of institution.

Answer by  barkley (951)

If you are going to refinance, it is generally better to do it while the home is you reside in the home, it is costlier to refinance as a rental.