Mortgages

[c9]

If any of my faithful (or even dirty rotten cheating) readers are planning to get a mortgage some day (say, 2017), they should start gathering supporting documents right now. We're jumping through hoops every day to get this thing approved -- it's ridiculous. I had a false sense of ease about the process since you can get preapproved for your mortgage very easily over the web. But the real approval is much trickier. I'm hoping it's just because it's our first and we have no equity to work with yet. So far, we've had to provide:
- letters from employers stating that we have a job, when it starts, the salary, and the fact that it's not probationary
- proof that we have the downpayment
- evidence that the money we are showing for the downpayment is not made up (read: we wrote ourselves a blank cheque) in the form of transaction histories on several accounts
- evidence that we own all the above-mentioned accounts

Not actually hard to gather, really, just a lot of details to collect.

Comments

[scott8424.livejournal.com]

Sounds pretty standard, especially for your first mortgage. We had to provide months of bank statements, paycheck stubs, tax returns ad nauseum for our first mortgage approval. It wasn't quite as severe the second time around.

[leapfish.livejournal.com]

Still, I believe that I did utter, "...and tell them to stuff it up her hairy twat." this morning.