Bay Area

[JohhnyM]

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?

[bld999]

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.