Home classification for refinance

If you don't report rental income on the schedule E on your federal tax return then this would be considered a second home. A second home has similar pricing adjustments compared to a primary residence, where as an investment property has a higher rate/fee combination.Opes Advisors is a direct-lender mortgage bank right here in Eugene. Our processing, underwriting and doc preparation takes place, locally, in our building. Please contact Randy Free to go over your scenario in more detail at: rfree@opesadvisors.com or 541-984-5626 Ext.111

Randy is correct, however there is information missing.. is your home you own rented?? if it isn't rented, how many days a year do you live in that home vs. the rental? What address is on your pay stubs and tax returns?? Financing is similar on 2nd homes vs. primary residence, however there is a difference... if there's a way to sell it as your primary, then you could get better pricing and terms.. Best advice I can give you.. Contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders... the LOCAL broker is familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

I agree with Randy & William

You should have no issues refinanceing - if you recieve mail at that address you should be able to refinance it as your primary residence. Either way 7.5% is INSANE!!!! Get out of that mortgage. Hope this helps.Daniel

The real answer lies in how you treat the home. If you are not living in the home more that 6 months and a day, it is probably not your primary residence. If someone else is living in the home more than 6 months and a day it is probably not your primary residence. If you are receiving rent from someone else who is paying to rent the whole home (not just one room), it is probably not your primary residence. If you are using a different address on your tax returns, it is probably not your primary residence. The bottom line is that if the home is being used to generate rental income, or you are not living there at all, it is not your primary residence. This means that if you are collecting rent, it is now considered an investment property, even if it is the only home you won. Probabaly not the answer you were looking for, but... ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

I would consider this to be a 2nd home. As I saw previously stated, contact a local broker.