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Old 06-10-2011, 12:27 PM
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duffysmom duffysmom is offline
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My friend is purchasing a home and will live here full time in approximately 1 to 2 years from now but will spend a month or two here until retirement. Her Village's real estate agent told her that if she plans on renting the home out she needs to get a commerical mortgage which will be far more expensive than a conventional mortgage.
I was surprised to hear this and my friend is now backing out of the purchase for fear that she will have to pay an exorbitent mortage payment. Please help me to understand this so that I can help my single lady friend who has lived in one home for the past 35 years and is not
a savy buyer. Thank you.
Old 06-10-2011, 12:37 PM
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l2ridehd l2ridehd is offline
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Before she buys, she plans to use it for herself a weekend every month. After she closes, she changes her mind and decides to rent once in a while. After all, it's a women's right to change their mind. They will never change the mortgage after the sale. Now home insurance, make sure they know she rents.
Life is to short to drink cheap wine.
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