What to do with Insurance and Mortgage when converting Home to rental

Posted in Creative Real Estate Discussions
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  • Prem Koganti
    April 6, 2014 at 10:33 pm
    Prem Koganti

    I will be renting my home in June. Wanted to know if i need to notify the bank? Also should i terminate my Home insurance and convert that to a Investment Property insurance, will the bank be ok with this?

    Would be interested to know how i can retain my low interest rates on this property.

    Thanks,
    Prem

    DON WEDE
    April 7, 2014 at 10:37 am
    DON WEDE

    Prem,

    Why in heavens name would you want to notify the bank? The only person you should notify is your insurance agent and see what he suggests on insurance. The interest rate will not change, do not contact the bank.

    Don Wede

    Prem Koganti
    April 9, 2014 at 3:20 am
    Prem Koganti

    Thanks Don! Just wanted to make sure bank will not raise any objection when I change insurance.

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