Why Is So Much Paperwork Required to Get a Mortgage?

The housing crash that mandated that banks be extremely strict on paperwork requirements also allowed you to get a low mortgage interest rate. The friends and family who bought homes ten or twenty years ago experienced a simpler mortgage application process, but also paid a higher interest rate (the average 30-year fixed rate mortgage was 8.12% in the 1990s and 6.29% in the 2000s).

GETTING A MORTGAGE: WHY SO MUCH PAPERWORK? 1. The government has set new guidelines that now demand that the bank prove beyond any doubt that you are indeed capable of paying the mortgage. During the run- up in the housing market, many people ‘qualified’ for mortgages that they could never pay back.

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Why is there so much paperwork required to get a Mortgage? When buying a home today, many ask."Why is there so much paperwork mandated by the lenders for a mortgage loan application?" It seems like they need to know ‘everything’ about you.

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When buying a home today, why is there so much paperwork mandated by the lenders for a mortgage loan application? It seems like they need to know everything about you. Furthermore, it requires three separate sources to validate each and every entry on the application form.

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When buying a home today, why is there so much paperwork mandated by the lenders for a mortgage loan application? It seems like they need to know everything about you.Furthermore, it requires three separate sources to validate each and every entry on the application form.

When buying a home today, why is there so much paperwork mandated by the lenders for a mortgage loan application? It seems like they need to know everything about you. Furthermore, it requires three separate sources to validate each and every entry on the application form.

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If so, you should be prepared to supply a mountain of financial paperwork. It’s a necessary step in the application, underwriting and approval process. Below, we have provided a checklist of FHA documents to help you understand the documentation requirements for this popular program.

Why is there so much paperwork mandated by the lenders for a mortgage loan application when buying a home today? It seems that they need to know everything about you and requires three separate sources to validate each and every entry on the application form. – Joshua Lagasse RE/MAX Realty One www.JoshKnowsMaine.com