[nrblock]

Background:

I've been living in my house for about 8 years and am in the process of refinancing to a low, fixed rate on a 30 year mortgage. I am also looking around at foreclosures and short sale properties in my area to see what types of deals are available. If I find something, which could be a month, 3 months, or even 3 years from now, I would likely move and make the new property my primary residence and rent out my current home.

When filling out the refinance application for my current property, it asks whether the occupancy status of the property is "Primary Residence", "Second Home", or "Investment Property". There is also a question specified for "refinance only" that the property is not for sale or under contract and asks the date the property was acquired.

Question:

Since I'm currently in the property and have no idea when or if I may be moving, can I specify the refinance as being for my primary residence? Is the loan likely to have an occupy clause (i.e. borrower must continue to occupy the property for 1 year following initial occupancy)? Is it customary to request the lender provide a sample note/instrument to see what clauses they have prior to spending time/money on the refinance application, appraisal, etc?