Handling Your Mortgage Paperwork!
Mortgage Paperwork! Getting a Mortgage: Why SO MUCH Paperwork?
I’m often asked why lenders ask for so much paperwork for a mortgage loan application when buying a home or refinancing today. It seems they need to know everything about us and require three separate sources to validate each and every entry on the application form.
Many home buyers are being told by friends and family that the process was much easier when they bought their home 10 to 20 years ago.
There are two very good reasons why the loan process is much more onerous for today’s buyer than perhaps any time in history.
Reason #1
The government has set new guidelines that now demand that the lender prove beyond any doubt that you are indeed capable of affording the mortgage. Mortgage Paperwork!
During the run-up in the housing market, many people ‘qualified’ for mortgages that they could never pay back. This led to millions of families losing their homes. The government wants to make sure this won’t happen again
Reason #2
Lenders don’t want to be in the real estate business. Over the last seven years, banks were forced to take on the responsibility of selling millions of foreclosed homes. They also negotiated another million plus in short sales.
Just like the government, they don’t want more foreclosures. For that reason, they need to double (maybe even triple) check everything on your application.
However, there is some good news. The housing crash that mandated that banks be extremely strict on paperwork requirements also allowed you to get a mortgage interest rate below 5 percent, in most cases.
The friends and family who bought homes 10 or 20 years ago experienced a simpler mortgage application process but paid a higher interest rate (the average 30-year fixed rate mortgage was 8.12 percent in the 1990s and 6.29 percent in the 2000s).
Bottom line: Instead of concentrating on the additional paperwork required, let’s be thankful we’re able to get a mortgage at historically low rates. Mortgage Paperwork!
About Deborah Laemmerhirt
Let me assist you in finding everything you need to know about buying or selling a home! As the preeminent real estate professional in my community, I am dedicated to providing the finest service available while breaking new ground.
Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game.
I go the extra mile to help you achieve your goals. That’s why I constantly research the home, market and estate values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative marketing techniques to attract potential buyers.
As an Internet-savvy real estate representative in Connecticut, I’ve had the opportunity to help many home buyers find their ideal homes and many sellers obtain top dollar for their homes. Buying or selling a home is one of the largest financial transactions that most people ever undertake, so I will help you through every step of the process. My goal is to make your home selling or buying experience as easy and enjoyable as possible.
My services include:
Explaining the home selling and buying process thoroughly
Diligently selecting homes that meets your criteria
Pricing your home correctly and implementing a unique yet proven marketing plan
Negotiating on your behalf
Tracking the closing process to ensure a smooth transaction
I welcome the opportunity to address any questions you might have about buying, selling or current market conditions. Please call or e-mail me any time, and I will be happy to discuss your next steps in the buying or selling process.
I specialize in both Residential and Commercial Properties.
I also head a Real Estate Group to provide you with expert service and support.
Areas of Expertise
Making transitions in your life is challenging. You may be moving from out of town, a different state, internationally or just next door! Regardless of the distance I am prepared to respond to your unique needs.If you are a BUYER looking to downsize, up-size, want a new construction, desire a condominium, to invest, even if this is your first home, I will design a unique plan to fulfill your needs in a reasonable time frame, with the best negotiated price and the least amount of inconvenience.For my Home Sellers, I have an innovative marketing plan that will leave nothing to chance. Just call, and I would be happy to share the DIFFERENT and SUCCESSFUL TOOLS I utilize on each of my listings.
I have lived in Connecticut for over 35 years. I practice Real Estate in Fairfield County, New Haven County and Litchfield County. This includes, but is not limited to Bethel, Bridgewater, Brookfield, Danbury, Harwinton, Kent, Litchfield, New Fairfield, New Milford, Newtown, Oxford, Ridgefield, Redding, Roxbury, Sherman, Southbury, Warren, Washington, Westport and Wilton.
