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secondary home

by mr.combat1742 from Porter Ranch, California. Jan 17th 2021 Reply

Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 2,332 contributions

Go for it. The risk of fraud is, in my opinion, negligible. Fraud is determined by intent. At the time you refinanced your primary residence, it was to obtain funds to allow you to do some remodeling and make investments. In exchange for preferential pricing, you committed to continue living in the home for the foreseeable future, which is generally interpreted as 'at least one year'. Some seven month later, after changes in the real estate market, you have decided that investing in another real estate property is a better risk than investing in the stock market. The market changes you are seeing justify your decision. As long as you don't let either home go into default, I see no one having an issue with your change of plans, and even if you did go into default, it is not likely they could make a case that your intent at the time you refinanced was anything other than honorable. So, Go for it. As a California native with a California Mortgage Originator license, I'd be happy to help. Just give me a call. ~ Bert Carpenter, The LoansA2z Team of NEXA Mortgage ~ NMLS 40586 ~ At NEXA, we've got you covered. We are licensed in all states except MA and NY and we are pending approval in VA, so give us a call. ~ 480-889-9000

Jan 18th 2021
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