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Can I refinance my home and then rent it out?

If I refinance the mortgage on my primary residence and decide to rent the property out later is there anything I should be concerned about?

Michael Jensen, Mortgage and Finance Guru
, Mortgage and Finance Guru

As long as you occupy the property as your primary residence and provide accurate information when you submit your mortgage application, there are no issues. We recommend that you wait at least six months after the refinancing closes before renting the property. Another point you should be aware of is that the interest rate for a non-owner occupied property is typically higher than the interest rate on an owner-occupied primary residence. So if you decide to refinance the property again in the future as a rental, your interest rate could be higher, subject to market conditions and other factors.

If you are in the refinance market, be sure to use our INTEREST RATES feature to compare rates and fees for lenders in your area.  Comparing mortgage proposals from multiple lenders is the best way to save money on you mortgage refinance

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About the author

Michael Jensen, Mortgage and Finance Guru

Michael is the co-founder of FREEandCLEAR. Michael possesses extensive knowledge about mortgages and finance and has been writing about mortgages for nearly a decade. His work has been featured in leading national and industry publications. More about Michael

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