I purchased a property a few years back as non-owner occupied, and have the dwelling/fire insurance coverage. I am planning on moving into the property soon. Obviously I’ll need to change my insurance coverage, but will the mortgage company take exception to this? I only plan on being here for 3 to 4 years, then to move on and re-lease the house.
The mortgage companies love owner-occupants! They tend to make the payments on the mortgage in order to keep a roof over their heads. Defaults are much higher on rental property. Your lender will be happy to have you move in.
After you take occupancy, you might want to consider taking advantage of the low interest rates available to owner occupants. A rate and term refinance could lower your monthly payment and increase your future monthly cash flow when you convert the property back to a rental.