My husband and I have been self employed forever. When we lived in New York we could not quality for a mortgage. We lived in mobile homes (which are more like a car loans) finally my husband had an idea. A VA foreclosure (he had one before but we never looked to see if they still existed.) When we started looking in NH that is exactly what we looked for, and that is how we purchased this house. A couple of years later we tried to refinance. The first attempt was a success. But the paperwork was unreal. I remember sitting at the mortgage companies office and signing about 100 papers. That was several years ago and we have not qualified to refinance since then.
During the refinancing process I stayed out of the loop entirely. I do know the process was about a month long. What a mess.
If we were to ever qualify for a mortgage again I would definitely try the Electronic Mortgage or emortgage. Basically they are eliminating the paper. There are so many documents that have to be created that have repeat information. If they could take the repeat information and plug it in where needed, it would save so much time and money on the paperwork end. The eMortgage process, converts loan documents into an electronic format known as a SMARTDoc. This process should cut down on the closing costs associated with a mortgage. I know when we did our mortgage I was horrified to hear how much the closing costs where. My husband and I fought for days before I finally agreed to sign the papers. The closing costs alone are enough to scare people away.
This entire process is very interesting and please go check out emortgage for yourself. The technology is amazing and I love to see it finally being used to save us money.
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