Mortgage Borrowers Facing a Lot of Questions

If you are looking for a mortgage as a new home buyer or if you just want to refinance, then you should be ready to submit a lot of paper work.  Mortgage lenders are now requiring documents that they have never asked for in the past.  Mortgage lenders may ask for your pay stubs and your tax records for the past five years.

Lenders are now requiring that borrowers reveal intimate financial information that has never been asked for in the past and there’s a really good reason for it, they want to know if they will be paid back.  This is only part of how the mortgage industry has changed since and the fallout will continue.

Some wonder if mortgage lenders are now going to far with their inquiries, but some banks are wondering if they are going far enough.

Filed Under: Mortgage News

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