Mortgage on a partially rented property

You just get a regular regular mortgage if your building has 3 units or less. Otherwise, if the building is legally a 4 or 5-unit, even if you plan to occupy a couple of them, you need a commercial mortgage. Either way, only one mortgage.

Thanks. Are commercial mortgage rates much higher than residential jumbo rates? The lower 2 floors are 3 units (floor 1 is a full floor unit and floor 2 is 2 units of 1/2 floor each. So if we wanted to get a residential mortgage i assume we could just combine the 2nd floor units (or I guess to close we'd somehow need to do it before we got the mortgage? What happens if in 10 years we don't need as much space and we have a residential mortgage but take floor 3 and make it a separate apartment (so assume we have 3 units to start - floor 1, 2 and then floors 3-5 - and then after we are in the townhouse for a while we decide to make floor 3 an additional apartment so 4 apartments total. Do I have to refi to a commercial mortgage or only would have to apply for a commercial mortgage if I did want to refi but if I changed it while in the townhouse, the residential mortage stands? Thanks!

4 units is still conforming. 1-4 fam...

Thank you for clearing up this confusion over the property mortgage. It is such a thin line between a regular mortgage and a commercial one just by the number of units in the building.
Richard - http://propertyforsalephuket.co.uk