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Primary Residence for Refinance?

Profile picture for diomedesinillion
I am on a temporary contract working overseas and brought my family over for a one-two year experience. We have a friend renting our home for a year, but the home is our intended long-term primary residence. Now rates have dropped and it makes sense for us to refinance the house. What is the definition of primary residence in refinance applications? Is this a grey area, or would it be plain wrong to claim it our home as our primary residence? We are in a short-term rental place now overseas.
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0Yes

September 14 2011 - Seattle
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Profile picture for Sharon Lewis
As you are renting it, it is not considered a primary residence. You will have to wait until you get back into it.
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September 15 2011
Profile picture for daveskow
even if you have to classify it as a rental , you can still possibly refinance it as a rental ...the rates for a rental property refi still may be better than what you presently have ...contact a loan office or two , provide some details and see how Numbers  stack up
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September 15 2011
Profile picture for ChusYourLender

Are/have you filed your personal tax return(s) for the past year(s) using the primary home address?  If YES, there maybe a chance you can do this so long as the loan application is documented accurately for underwriting review.

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September 18 2011
Profile picture for LUXURY HOME LOANS CA
Don't listen to William unless you wish to commit mortgage fraud. Your primary residence is where you and your family currently reside. This is now an investment property.

Happy funding, Rudi
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1Yes

September 19 2011
 
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