Mortgage approvals are a series of verifications. A mortgage company will verify, independently mind you, an array of information about you and ทาวน์โฮมมือสอง กรุงเทพ your potential property. The verification process is performed independently, by third parties. And a mortgage company will want to physically document every step of the loan approval process. But what do lenders verify that they never actually see? Money.
Part of the loan approval process is signing several documents, one of which allows the lender to contact others to verify the information placed in your loan application. For example, a lender will want to see evidence of your income. Not only will the lender ask to see your most recent paycheck stub but also last year's W2 forms. Oh, and the lender will also contact the IRS directly to get a copy of your signed tax returns for the previous two years to compare the returns you physically provided your lender with what the IRS has on file.
Mortgage companies will also want physical evidence that the seller has the right to sell the property and that no others have an interest in the home being transferred. That's typically performed by reviewing the title report along with an attorney's opinion in some areas.
But when it comes to the money involved in the transaction, a lender nor the borrower may never directly see the funds; only an electronic trail.
For example, when a mortgage company sends funds to the closing agent they do so electronically. The lender doesn't send a wad of $100 bills to the closing table. The funds are wired. When a borrower provides evidence of enough cash to close on a new home the lender reviews bank statements and doesn't ask to see currency in any form.
And while borrowers typically take a cashier's check to the closing table, more and more buyers are also wiring their money to the closing table instead of bringing a personal or cashier's check. Oh, and the money the buyer's saved to buy the home? Most likely, those funds were electronically deposited on the 15th and 30th of each month at each pay period and the buyers never received an actual check.
Who says we don't live in a paperless society? When it comes to a mortgage, we're practically already there.
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