Refinance home purchased 1 year ago or stay the course?

You need to be careful with various things in regards to house-hacking, if you aren't already aware.

Does your insurance company and lenders know it is a multi-family property?

You need to be careful with getting a mortgage loan on a property that you know you will be converted to full business use. It is against the law to borrow while indicating it will be your primary residence if you intend to rent it out permantly. The lender may have lengths into the paperwork you're signing. For example a loan I got previously said I had to live there for 2 years at least. If I had tried to rent out prior to that I could potentially get in trouble. How long do you plan on living there?

/r/personalfinance Thread Parent