3 Things to Tell Your Lender Before Buying a House

Buying a house is a significant financial decision, and it’s important to communicate openly with your lender to ensure you’re making the right choices for you and your family. 

Here are three key things you should share with your lender before buying a house:

1. How long do you plan to live in the house?

Your lender needs to know how long you plan to stay in the home you’re purchasing. This can affect the type of loan you choose and the terms you negotiate.

2. What’s more important to you: a lower monthly payment or more cash in your pocket?

Your lender also needs to understand your financial priorities. If you prefer a lower monthly payment, you may be able to secure a lower interest rate but at the cost of paying more in interest over time. If you prefer to have more cash in your pocket, you may prefer a higher monthly payment but with a lower interest rate.

3. Do you want to keep the property long-term or sell it within a few years?

Sharing your long-term plans with your lender is crucial to ensure you get the best loan for your needs. If you plan to keep the property long-term, you may want a long-term fixed-rate loan. If you plan to sell the property within a few years, you may prefer a loan with a lower interest rate and an adjustable interest rate.

Remember, while it’s important to provide financial documents such as bank statements, tax returns, and copies of brokerage statements to get pre-approved for a mortgage, it’s also important to share your intentions for your homeownership experience and what you’ll need to ensure it works well for your personal situation.

At EMPORIUM, we’re here to assist you every step of the way! 

Feel free to contact us if you have any questions or need more information.

📞 (786) 868-9002

📧 al***************@gm***.com

Best regards,

EMPORIUM INVESTMENTS LLC.