Definition: "Mortgage can I Rent My House" is a legal term used in the United States to describe the process of obtaining a mortgage from a lender to finance an individual's purchase or lease of a home. The key elements of the loan are: - The principal amount of the loan, which is the sum of all the down payment, closing costs, and other amounts borrowed by the borrower. - The interest rate on the loan, which is a fixed percentage charged for borrowing money over a specified period. - The repayment terms of the loan, such as the number of times a borrower must pay back the principal amount per year or the amount of time the mortgage will be paid off. If a lender agrees to lend an individual a mortgage with the intention to fund their purchase of a home and to lease it out, they typically require the borrower to make regular payments (rent) on the property, which can include a portion of the interest that would have been charged on the loan. These payments are called "down payment" or "first month's rent." The term "mortgage can I Rent My House" is used when a person seeks to purchase a home and wants to lease it out as their primary residence. The purpose of the mortgage is to finance the purchase of the house, but the borrower must first make some initial down payment (rent) on the property before they are allowed to lease it out. The term can also be used in situations where an individual or company takes out a mortgage to finance the purchase of a home and then leases it out as their primary residence. In these cases, the interest rate is often higher than if the individual had simply bought the house outright and leased it out separately. Overall, "mortgage can I Rent My House" refers to a situation in which an individual or company takes out a mortgage to finance the purchase of a home and then leases it out as their primary residence.
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