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Contributor
JohhnyM
Posts: 40
Registered: ‎02-17-2009
0

Investment mortgage - Need Help

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?

 

 

Silver Contributor
bld999
Posts: 476
Registered: ‎04-15-2011
0

Re: Investment mortgage - Need Help

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.