Legal Question in Real Estate Law in Iowa

What constitutes ''primary residence''

I have a home for sale on which I pay a mortgage. The home is empty...and is not being rented. I was recently married, and my wife purchased a home..She recently quit claimed the home to me....I am considering refinancing my home that is for sale, however the bank will only make a loan that is one and one half percent above what I could get if I lived there, because it is not my prime residence... Question....Is that proper? and is that true with all lending institutions?? (The home is in My name only)


Asked on 8/11/02, 11:27 am

1 Answer from Attorneys
Thomas Moens Moens Law Offices, Chartered

Re: What constitutes ''primary residence''

I'm not sure what you mean by "proper," but rates and programs at different lenders vary widely, so you should shop around. If you are in eastern Iowa, I can make some suggestions.

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Answered on 8/12/02, 8:27 am


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