02-05-2013 08:07 PM
I just got approved for an investment mortgage on a home I want to purchase.
The lender has a condition:
PROVIDE LEASE AGREEMENT, AND SECURITY DEPOSIT INTO BORROWER'S ACCT.
Is this legal? I haven't even own the home and would i have a lease agreement?
02-05-2013 08:12 PM
I would guess this is a boilerplate document that also applies to refinance mortgages on existing owned rentals that you would have a lease for.
No harm in asking the lender to waive the requirement, or for their explanation.