Mortgage process !?!?!

[TexbowJ]

Who's been thru it recently? What a pain! Any tips?

My wife and I have no debt, house is paid for, great credit and just need a bigger place. I cannot get over how much stuff they are asking for......and then more.

Anyone know what they are really looking for or just what the formula is for getting thru it? I'm ready to tell them forget it. It's been a month since we started.

[Charles]

It is a rigorous marathon! I feel your pain.

[Biggs]

We've been under contract since early february and still have not closed!

[BigThicketBoy]

Pm sent

[dustoffer]

Amazing thing, they still have folks walking away or going into foreclosure, even after accumulating all the info beforehand, and then the next applicant in line has to provide even more "stuff"

[BETTERLUCKYTHANGOOD]

We just sold our house, it was on the market a whole 4 days to the first cash offer and had a secound full price cash offer in 7 days. We got all the paperwork to the mortgage company and went in and filled out the disclosure papers last week for the new mortgage, everything is ready to go....no pain involved at all. Well except for living in the camper waiting for the closing on the new house on the 14th.
Primelending is who we went to great rates and easy to get along with.

[Throwin Darts]

I'm going through it now. I asked for a list of what they needed and sent it all. The next time I heard from them was them telling me I was approved and it was done. Nothing to it at all. Took about 20 minutes of my time to get them what they needed.

In a nutshell, you send them proof of what you earn (w2s, tax returns) and what assets you have (bank statements, investment statements, etc) and they pull credit to see what liabilities you have.

[casilva43]

It is a little stiffer now. I sent in all my info and they wanted bank signatures and some other off the wall info. But as throwing darts said, w2s, tax returns, check stubs, and investments are general info required. We closed within a month.

[systemnt]

As painful as the process is/can be... the worst part is the Truth In Lending page... I'd almost wish they'd leave that out.