by Mike Kimel
What it Takes to Get a Mortgage These Days
About six months ago I got a job that required relocation. To make a long story short, we just purchased a new home. As part of the process, the lenders required a lot of paperwork. Not a surprise. But some of the paperwork was surprising. For example, they wanted a signed letter explaining a deposit in the amount of 0.05% of the amount of the loan, made prior to the sellers and ourselves agreeing to the sale of the house. One half of one percent. I can understand getting suspicious if we made an unexplained deposit equal to, say,
ten percent or so of the amount of the loan, but 5% of 1% of the loan?
And it wasn’t the only senseless thing we had to provide.
I worry about this means – it means the lenders probably aren’t concerned about important things that they should be concerned about. That didn’t work out so well the last time.