Mortgage Approvals Update: New Rules Mean More Paperwork


Do you really need to show your mortgage broker a marriage certificate to prove that extra cash in your bank account came from a legitimate source?

Yes, if you want to be sure your mortgage application will be approved.

This is just one type of documentation prospective home buyers should be prepared to produce as they negotiate the new rules of the mortgage application process.

Adhering to these new rules means prospective homebuyers should prepare themselves for the long haul when it comes to getting approval for a mortgage.

Of course, these new rules are really the old rules just being enforced, says Todd Huettner, a mortgage broker in Denver. "Most borrowers don't know what a full loan looks like. If you purchased a house less than 10 years ago, you didn't do a full loan application. Most people don't understand what the rules really are."

Originally published