Can I Rent Out My House Without Telling My Mortgage Lender?

Chris at Hauseit (https://www.hauseit.com) answers the question of whether a borrower can rent out his or her house or apartment without telling their mortgage lender.

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You're probably asking this question because when you got the mortgage, you thought you were going to reside in the property and utilize it as your primary residence. In fact, you most likely did this regardless of your likely plans because rates and terms are generally more favorable for loans made for primary residency.

However, the terms of your mortgage typically have some conditions, such as you beginning your primary residency in the property within a certain amount of time after closing, or not being allowed to rent the property until a certain amount of time has elapsed.

While the risk is arguably small that your bank would go looking to see whether you're renting out your property, and we honestly have not heard of cases of this happening, technically you could be in breach of the terms of your mortgage. Do you really want to take that risk?

Because breaching the terms of your mortgage means that technically the bank can decide to call in your mortgage, meaning they will have the right to demand immediate and fully repayment of your mortgage. If that happens, will you have the liquidity to immediately pay back the entire mortgage principal?
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https://www.hauseit.com

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Est 2014.

Hauseit Group LLC, Licensed Real Estate Corporation
Tel: (888) 494-8258 | https://www.hauseit.com
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