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What is the difference between renting a property and having a mortgage?
Wiki User
∙ 10y ago
The difference between renting a property and having a mortgage is that when you have a mortgage you are buying the property.
Wiki User
∙ 10y ago
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What is the difference between a lease purchase house and a mortgage?
When you take out a mortgage, you are purchasing the house right then and there. A lease purchase is when you begin by renting out the house, but are also given the option to purchase it within a given period of time.
Can you get a home equity loan on your rental property?
If you are renting the property from someone else and do not own it, no, because a home equity loan is like a mortgage. The lender has a lien on the property if you default on the loan. If you are the owner of a property and rent it out, yes you should be able to get a loan with the property as security.
If you do a reverse mortgage CAN you rent out your home?
No, you must keep the home as your primary residence, renting out the home is a violation of the mortgage agreement and could result in the mortgage note being called due.
Do you need to tell your mortgage company if you rent your house?
No, you do not. The deed has a due on sale clause, but no stipulation for renting your home.
DO you get your payments back on a land contract?
No, you will not get your payments back. If you do not complete the purchase, you have essentially been renting the property.
What is the difference between a lease purchase house and a mortgage?
When you take out a mortgage, you are purchasing the house right then and there. A lease purchase is when you begin by renting out the house, but are also given the option to purchase it within a given period of time.
What is the difference between letting and renting?
That depends on how 'letting' or 'renting' is used in a sentence.For example:The owners are letting said property to the prospective buyers for 90 days pending purchase financing.vs.The occupants were renting the premises on a month to month basis.
I want to find the existing mortgage on a property I am renting and the realtor won't give me an answer. What can I do?
You can visit the land records office in your jurisdiction and the staff will assist you in finding any mortgages or liens that affect the property.
Can you get a home equity loan on your rental property?
If you are renting the property from someone else and do not own it, no, because a home equity loan is like a mortgage. The lender has a lien on the property if you default on the loan. If you are the owner of a property and rent it out, yes you should be able to get a loan with the property as security.
Is it harder to get a home insured if you have moved out and are now renting the property and can the mortgage company object to doing this and can they forbid renting it out?
No. Be sure you only insure the dwelling and not the contents inside. You should ask your tenants to have renters insurance to cover their personal belongings. Your mortgage company will require that you have adequate coverage but is not concerned with personal belongings inside the home. As far as I know, the mortgage company has no say in who lives in the home.
Do you have to pay rent when the landlord didn't tell the mortgage company he was renting?
Yes. The relationship between the landlord and bank has nothing to do with the tenant.
What is the difference between lease and sublease?
A lease is were you are renting of the owner itself, a sub lease is were you would be renting a part of what somebody else already has.
What one disadvantage of owning a home compared to renting a place to live?
Monthly mortgage is more expensive than renting
What services does Buy To Let provide?
Buy To Let offers services in allowing people to purchase mortgages. A buy to let mortgage is usually found in property that is purchased for the purpose of renting it out.
What is the definition of landlord?
A property owner who is renting the property out to people to live in.
When renting do you pay property tax?
It depends...
What is the law of renting land for 20 years and your right to own the land?
You have no right to ownership of real property by renting it for 20 years unless you had a written agreement with the owner that you were renting to own and you have met the conditions in the contract.You have no right to ownership of real property by renting it for 20 years unless you had a written agreement with the owner that you were renting to own and you have met the conditions in the contract.You have no right to ownership of real property by renting it for 20 years unless you had a written agreement with the owner that you were renting to own and you have met the conditions in the contract.You have no right to ownership of real property by renting it for 20 years unless you had a written agreement with the owner that you were renting to own and you have met the conditions in the contract.
