Paperwork Q: I recently bought a home and got a mortgage, but was totally astounded by the amount of paperwork. Documents are very confusing, full of small print, and I just had to sign everything without reading most of it. Can you clarify this a little?
View Answer Q: There are so many forms to have completed and signed for a mortgage and now we are being asked for all kinds of things I consider quite personal - social security card, driver's license, etc. etc. It doesn't make sense to me. Please explain.
View Answer Q: I have been reading a lot of material lately, trying to educate myself on what is needed to buy a home and what type of paperwork we might have to have gathered together to make application for a mortgage, but everyone seems to have a different answer. Could you clarify this for me please?
View Answer Q: My husband and I are both receiving disability from Social Security. We both have debilitating and progressive diseases. We applied for a home equity loan. We have EXCELLENT credit ratings (790 for him, 730 for me, and 4 plus star rating) and we have a house (paid for) we are asking for 80 percent of appraised value. We have the income to qualify and look great according to the loan officer.
We have endured a slow appraisal because it got put on the wrong desk at the appraisers, causing the rate to go up as we passed the 30-day mark, and now the loan officer calls with this. He said the lender wants a letter from each of our doctors saying our disabilities are permanent and we will be receiving SS for at least 3 years. This seems unethical if not illegal. Please let me know what you think, as I am thinking that I will call tomorrow and let them know we will not be borrowing from them.
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