Posted in Condo #2 ??

Time Sucker

Another gotcha when buying a place is how much time you spend providing documentation to the mortgage company for qualifying for a mortgage.  Even though my closing is not until August, I spent 4-5 hours on a Saturday afternoon recently combing through my statements to prove where my down payments came from.  Compounded with my printer running out of ink and it taking long than I thought, I was surprised that I wiped out an entire Saturday afternoon.

I agree that you need to be able to afford the house/condo you are buying, but, oh my goodness scanning documents and logging into multiple websites to save the document off to send it on the the mortgage company takes more time than you think.  If you think you can whip it out in an hour multiply that by 3.

Just keep that in mind if you are buying a place in 2018!

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