I currently own a condo that basically has 3 master suites and is in an area where a lot of recent graduates live near a college campus. It feels like it was built specifically to serve as a rental property. I’m still a somewhat recent graduate, so I’ve enjoyed living here, but I feel like I’ll quickly age out or get married and want to live somewhere else. I’m just starting to think that I might be able to keep this place when I buy a more long-term house for myself.
Does that change the terms of the mortgage(s)? I’ve read stuff that says terms are better if you’re actually planning on occupying the place where it changes if it’s purely an investment property. When I bought this place, I was planning on living here and I have lived here for a couple of years. If I move and it becomes not my residence, do my terms need to change? Can I still qualify my next place as my “primary residence” even if I have a mortgage on another “primary residence”? Both are technically true at the time of getting the mortgage