This is a question we get all the time and I have to say we even ask that ourselves. Why so much paper is needed for mortgage approvals now?
The answer is, there are more than one answers to that question so we will list the ones that make the most sense.
- Fraud – mortgage fraud including identity theft, documentation hampering, untruths all contribute for the need to supply proof that what you say and do is what you said and did. Lenders have no other way of knowing unless they see the proof and for now and the foreseeable future this is the way things are going to be. We will all have to live with that and if you want the mortgage we will need to comply
- Situations vary with employments now, how you are paid, technology has eliminated the paper for your employer in many ways including pay stubs and employment letters. thus the ease in being able to manipulate those documents
- Purchase contracts have gotten more complicated and also the purchaser situation and therefore more ways needed to make the deal work, more paper to prove.
Bottom line, would you lend hundreds or thousands or dollars to someone and not ask them for employment proof, down payment proof and what you are buying.
Jessica and myself at Advance Mortgage understand your frustrations and know how to get make this process easy for you, even with all this paper!!! Call us at 403-347-0774, we have a combined 35 years experience!!!
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