No. of Recommendations: 1
There has to be at least one lender with human empathy out there.

What makes you so special? Lenders operate by inputting information into formulas and listening to what those calculations tell them. You being different makes you a bigger risk to them, not a special case in a good way.

Finally, I've been thinking, how do they know if I'm renting the house or not?? Do they have an agent checking up on me every once in a while? Or am I also legally obliged to signed some document where I have to tell them what I do with my own property?

Because your lender is listed as a lien holder on insurance, they will receive updates regarding any changes. Even when we took back a private note when we sold a house, the insurance co kept us appraised of each and every change the person we sold the house to made. Don't change the insurance from owner occupied to rental and if there is an insurable event, your insurer might not pay out. Further if the lender finds out you did not comply with their requirement, your loan could be called and you could be subject to prosecution for fraud if it was determined that you planned to keep them in the dark.

Don't want to sign the no intent to rent document? No problem. You won't get the loan of course if you don't sign, but that is a choice. On the other hand, if you do not expect to rent the place out, but a job transfer after the purchase makes it necessary to do so, that is certainly an argument that can be made with the bank, with the timetable of the transfer being proof of fraudulent intent or not.

Lenders work the numbers. No empathy is considered.

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