My family is currently undergoing a refinance on our primary residence simply for a better rate and savings, we verbally told the bank it's intended to be a loan refi for our primary home, but we recently had a friend list their home which we've been drueling over for years and it's affordable and advantageous for us to buy a second home and rent our first...
Is this Illegal?
What are the proper steps here?
Can the bank come after us or do they even care?
I'm afraid if I contact them they will stop the refi which is NOT what I want, we need that savings to buy the new home. Our first home is in Washington and the new home would be in Idaho if that matters.