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How Does Moving Out Of Home Affect Mortgage Refinance?

If I move out of a home does it impact my ability to refinance it in the future? I own two homes and am considering moving out of one and moving into the other. Should I refinance before I move out?

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

If you move out of the home you live in with your son it will be considered a non-owner occupied property. Mortgage rates and borrower qualification requirements for a non-owner occupied home are different than mortgage rates and qualification requirements for an owner-occupied property that you live in. For example, non-owner occupied mortgage rates tend to be higher than owner-occupied mortgage rates and the maximum loan-to-value (LTV) ratio permitted by lenders for non-owner occupied properties tends to be lower which may make it more challenging to qualify for a mortgage, depending on how much equity you have in the property. We provide a comprehensive overview of non-owner occupied mortgages on FREEandCLEAR for you to understand the differences between non-owner occupied and owner-occupied mortgages. In short, you may want to refinance the mortgage on the home you live in with your son before you move out to take advantage of more favorable loan terms for owner-occupied mortgages.

You can compare owner occupied lenders by clicking INTEREST RATES and non-owner occupied lenders by clicking NON-OWNER OCCUPIED INTEREST RATES We advise you to contact at least four lenders as comparing lenders is the best way to save money on your mortgage. Plus, the interest rate for a non-owner occupied mortgage tends to be higher than the interest rate for a regular mortgage which makes comparing lenders even more important.

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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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