December 15, 2004

Paperwork

As one might guess, buying a home is accomplished not simply by finding the place, and moving in... The amount of paperwork involved in this process astounds me every day... I got a package from my mortgage company yesterday, with a copy of the loan application, a couple info pamphlets, and a sheet telling me what else they wanted from me... Now mind you, this is a "no-doc" mortgage... That means I'm not supposed to have to document everything, and in return, I pay a higher interest rate... I went that way, because honestly, I would have a hell of a hard time actually documenting my income to their satisfaction... At any rate, they're requesting some documentation of income (tax returns, so no huge hassle apart from burning up printer paper, and ink), bank account statements (ok, that's a problem since I shred them after I read them... thank god for online banking)copies of my investment information (hey what happened to the no-doc idea... good thing I have no investments) They want the name and contact info of my employer (um... I'm self employed... Here's my cell phone number you idiots), pay stub (um, I get profit distribution checks, so there isn't a payroll stub... hello, I'm SELF EMPLOYEED!)...
That was all on the first page... After that I need to sign and initial about 40 sheets of legalese... I get through about 6 sheets before passing out each time... Talk about a cure for insomnia...
I can't wait to get into it with the new insurance company I contacted... They already got a copy of the home inspection... That's 14 pages right off the bat...
I imagine by the time I get to closing, my hand will be so cramped, I won't be able to sign another thing... (note to self, sign a couple checks before going... geesh...)


Posted by Backstage at December 15, 2004 07:49 PM
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