Turning primary home into rental property
We are relocating to another city and would like to rent our 2-family. I am expecting to notify the insurance and mortgage company. Has anyone done this recently and hit any snags. For instance, did your insurance say we only cover primary homes? How much did your premium go up? Could the mortgage company then…
We are relocating to another city and would like to rent our 2-family. I am expecting to notify the insurance and mortgage company. Has anyone done this recently and hit any snags. For instance, did your insurance say we only cover primary homes?
How much did your premium go up?
Could the mortgage company then call in our mortgage? Thanks for any input.
I have done this with a condo. The Mortgage was with Citibank. They said whether or not i live in the building didn’t matter, and they only look at this at the time you buy. Insurance is not a problem for condos.
I am in the process of moving out of my 3 family, again I am with Citibank so I don’t expect a problem with mortgage but I will let you know how I get on with insurance.