Keyholder Refi glossary
Key terms
Plain answer
These terms come up when refinancing rentals and second homes, each with a primary source.
Last reviewed against the primary sources listed below.
- Investment property
- A home you own to rent out or hold for profit, not live in. Source: Fannie Mae Selling Guide B2-1.1-01: Occupancy types
- Second home
- A home you occupy part of the year that is not rented full time. Source: Fannie Mae Selling Guide B2-1.1-01: Occupancy types
- Schedule E
- The tax form where rental income and expenses are reported. Source: IRS: About Schedule E (Form 1040)
- Reserves
- Savings left after closing, measured in months of payments. Source: Fannie Mae Selling Guide B3-4.1-01: Minimum reserve requirements