Why would the mortgage loan officer want my landlord’s contact information? What questions will he ask?

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I am planning to break my current lease to buy the house

  1. Reply
    February 9, 2011 at 7:00 am

    They will fax/mail a verification to your landlord that will ask if you paid on time, how much the payments are, if you have had NSF’s, have damages, etc.

    As far as breaking your lease, it all depends on your lease. You could tell your mortgage officer that you are going to sublet the apartment (but don’t tell apartment manager that unless you are allowed to sublease it). Some mortgage brokers don’t care if you are breaking your lease, and some will assume that you are going to have to pay rent on apartment plus a mortgage payment, which will work against you in the loan process.
    Read your lease to see if there is a cancellation clause or a sublet clause.

    Hope this helps.

  2. Reply
    February 9, 2011 at 7:27 am

    Dont worry. It will be routine checks about ur rent payments… how prompt u r etc…

  3. Reply
    February 9, 2011 at 7:32 am

    Because the lender wants to see how you paid your rent payments. If you did not pay rent on time, you might not pay the mortgage on time. And the mortgage is probably more.

    Many borrowers neglect to realize your rent payment is a debt just like your car payment. But since the rent does not show up on credit, the landlord or property management company must be contacted.

    Good luck.

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