Mortgage rate worsened since last week and may stay worse for a few weeks. Lenders are rushing to include the 0.5% FHFA refinance fee into the pricing. With so many loans, some lenders may not be able to finish the loans on time. Some lenders will charge the 0.5% fee upon extension and some borrowers may not get the rate they locked. It’s going to be a mess.
It is possible to move in and rent out a room in your home for company and tax purposes. However, if the property is a second/vacation home, there may be different mortgage requirements. It is essential to report rental income on your tax returns and be aware of local laws and regulations. Also, certain expenses such as maintenance and repair costs, property taxes, and mortgage interest may be deductible.