I bought a condo in 2018 and refinanced last year. Due to life circumstances (moving with SO) I am now considering renting out the condo. Am curious what general restrictions there may be from my mortgage lender about renting the place. Bank was less than helpful when I asked and just said can be done in certain circumstances. I have more than 20% equity, but refinanced only about 9 months ago if that matters. Thanks in advance for advice.

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If you already refinanced, why are you asking them if you can rent it out? Just do it. As long as the mortgage gets paid, the bank should not care / not know.

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Banks have nothing to do with this. If you don’t have any condo restrictions, you are free to rent out whenever you want.

If you plan on getting a new house and a new mortgage, the rules on offsetting your condo mortgage with the rent you will be collecting keep changing so your debt to income ratio may be impacted. Not sure if this is what your getting at.

D1 - they required tax forms to be sent by mail at the time and I changed the address (not thinking) to have it sent to my primary residence because I didn’t want to try and coordinate with my tenants to retrieve it. It came up in some audit that the address was different. Most lenders don’t have an issue with it so OP should be fine. Worst case, you just refinance with a lender who allows it if you get called out on it.

The bank doesn’t need to know and they don’t care as long as you continue to make mortgage payments

so I could technically purchase a home as a first time buyer and rent it out at let’s say —6 months ?

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