If I'm on a Global Assignment for Work - Is my condo in the US still my primary residence?

BRog1
Contributions:3

Hi everyone,
I'm currently on a Global Assignment for my company (typical length of time is 2 years). I own a condo in the US and am required to rent it while I am away (and give the rent to my company) while the company pays for my apartment abroad. My intention is to go back to the headquarters site and live again in my condo, and I had strict renting requirements (no pets) because I want my home to maintain its value. With all the low rates out there, I would like to refinance, but I'm not sure if this can still qualify for the lowest rates.
Looking forward to you feedback,
Thanks.

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February 05 - US

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Answers (3)

BRog1
Contributions:3

Thanks Steve. So if I understand it correctly, the risk is assessed as lower if I'm actually living there in the moment because I'm less likely to stop paying and risk getting kicked out and having no other place to live? I guess this is too specialized a case to counter with "I need to pay my company the temporary rent income to offset their support of my apartment abroad, so I need to keep ownership to keep that income stream."? Is there a situation where an underwriter would take this into account? Thanks again for taking the time.

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February 07

Steve Greene, "Steve Greene"
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Absolutely right, but let me expand on that a bit. The reason investment loans cost more is that they present a higher risk. Even if you file your taxes showing this property to be your home address, it's not where you are currently residing. That increases the risk and that's the key issue for a mortgage loan.