WHY DO MUCH PAPERWORK TO GET A MORTGAGE?

It presently seems the paperwork is endless to get a loan to buy a house.  Two reasons:  (1)  government has set new guidelines to be sure the buyer can repay the loan BEYOND ANY DOUBT.  Many folks lost their homes as did not qualify for loans.  (2)  Banks do not want to be in the real estate business.  Over the past 7 years banks have had to “eat” lots of loans from borrowers who turned their homes back to the lender.  Just be thankful that we can buy a house at HISTORICALLY LOW RATES, even with more paperwork!!