Mortgage  Question?
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Are You Required Refinance Mortgage If Rent Out Home?

Do I need to refinance into a non-owner occupied mortgage if I decide to rent my home? I bought my home two months ago but I need to move for my job and I want to rent out my home instead of selling it.

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

Because your personal circumstances changed after your mortgage closed, you do not need to refinance the home as an investment property with a non-owner occupied mortgage. As long as you were truthful and accurate on your mortgage application and continue to make your monthly mortgage payments on time, renting out the property should not create any issues. Please note that you should contact your homeowners insurance company to determine if you need to update your policy because you intend to rent the property.

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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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