Is paperwork a bad word when applying for a mortgage?
It’s no secret that the mortgage industry requires an extensive amount of documentation needed to process a simple mortgage transaction. The frustrating part about it is a lot of the information presented is repetitive or redundant. Since mortgagesbycraig.com is one of the only(if not, the only) paperless mortgage office in Ontario we constantly dream of a time when the mortgage industry will reduce its environmental footprint.
As a borrower, the documentation required can sometimes be a hindrance to obtaining a mortgage approval. Usually, this is caused by a delay in acquiring certain information, not because the information can not be provided.
As we organize and manipulate many digital pages daily we feel for the borrower since the mortgage industry is not set to change its way anytime soon. In the meantime we create happiness by telling our clients that if you put 2 hours into collecting information and save $4000 in borrowing costs you just got paid $2000 per hour.
Thanks for reading.
CP