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In most recent cases, homes were sold by tenants who used fake IDs and job letters to rent the houses. Once they’re in, they assume the identity of the homeowner, take out a mortgage in their name, and use a realtor to list the home.
Nothing a little due diligence couldn’t catch off the bat. If you’re renting a property you own, make sure you do your homework. It could save you a lot of money and headache. Call their employers and ask for personal references. Look them up on Google. Do a little social media search. Ask for bank statements. And most importantly, make sure you get a valid Equifax credit report…
If you have a closed mortgage and decide to break your mortgage contract before the agreed-upon term has expired, you’ll likely have to pay a prepayment penalty fee. A mortgage penalty calculator can help you figure out exactly how much those fees will be and will make it easier to know whether it’s worth it to break your current mortgage contract early.
What is a mortgage penalty?
When you successfully apply for a mortgage, you and your lender agree to a term—the length of time your contract is in effect, which can range from a few months to five years or more. If you need to break your mortgage contract before the term is up, your lender will usually charge a penalty fee. The fee is commonly known as a mortgage prepayment penalty. You may be charged a prepayment penalty if:
You make a larger additional payment towards your mortgage than your contract allowsYou decide to go with another mortgage provider before your mortgage term expiresYou pay back your entire mortgage amount before your term ends (including through the sale of your home)
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