How to Navigate Today's Mortgage Doc Maze
This article is for subscribers only.
Connecticut investment adviser Peter Nagle bought a vacation condo in Oahu, Hawaii, in 2010 and had no trouble getting a mortgage from a local bank. But the process of trying to trade up in the same condo development, he says, was “like night and day.”
Despite a pristine credit report, a seven-figure income that's more than enough to satisfy even the most conservative debt-to-income ratios a loan originator could conjure up, and being ready to plunk down a 25 percent down payment, Nagle waited two and a half months for his deal to close. Along the way, he was peppered with an endless stream of document requests. “It felt like they were trying to figure out if I was a criminal or something,” he says.