can you rent your house if the mortgage is for a primary residence?
- BortLv 63 weeks ago
That depends on what both the mortgage contract and local laws say. If the mortgage allows it you can but then there may also be local laws requiring that you register and list it as a rental and assign/name someone or a property management entity as a landlord to manage it. It might be ok and legal to do, it may not be.
- babyboomer1001Lv 73 weeks ago
Most mortgages do not allow it and if you ignore the rules, then your homeowner's insurance will not cover anyone, and when they find out, you will be foreclosed on. However, before you panic, did it occur to you that you should READ your mortgage in the event that yours does allow for renting?Source(s): Certified Paralegal, with 25+ years' experience.
- SimplytheFACTSLv 73 weeks ago
read your contract...typically say the home needs to be owner occupied for a short time (1, maybe 2 years) and then you can turn it into a rental.
- linkus86Lv 73 weeks ago
This is a loaded question because on the surface the answer is yes. But sometimes the mortgage loan, which is a contract, prohibits the property from being used for anything but the primary residence. But that rule usually doesn't last the entire term of the loan, and more often the first year or two, but ultimately you would need to read your mortgage (which is one very boring read) to be sure. Another no no is lying to your home owners insurance company and not informing the property is no long owner occupied. Good Luck.
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- Landlord365Lv 53 weeks ago
Only if the mortgage contract does not prohibit it. Which it can.
- Casey YLv 73 weeks ago
You would be required to live there for a certain number of years at the very least.
A mortgage and a loan for an investment property are essentially the same thing...but also very different when it comes to rates and qualification.
- curtisports2Lv 73 weeks ago
Only if the mortgage document does not say you can't. Most residential mortgages prohibit turning the property into business property, but not all of them do.
- 3 weeks ago
Read the mortgage contract.
- MaxiLv 73 weeks ago
No, you need to get the permission of your lender and it is likely you will have to change your mortgage in order to rent it out
- sunshine_melLv 73 weeks ago
Not without agreement from your lenders (who may not give it without remortgaging)