I have a better understanding of the human psyche than most of my species but even I don’t understand this human fascination with documentation. Mallory claims that’s because goldfish learn to recognize the other fish in their tank pretty quickly so we don’t constantly have to prove who we are; although I really do think the dear girl is just making excuses for humans. Be that as it may, we’re just documenting away here, well actually I’m directing since paper and water don’t really mix well. And do we have documentation!
But let me fill you in on the last week. Luckily when Mallory got back from her first meeting with our loan officer, Christy, she had a better handle on what we had to get together (the documents needed for a mortgage loan) and what our hurdles are going to be. Naturally I had already told Mallory we’d need some of that, and had started to get it together. (Not that I mind, it’s always more compelling when the information comes from an authority but one would think that she’d just listen to me by now. But that’s water under the bridge.) Christy had advised her against buying a new car and taking on more debt right now (good thing I protested that one when Mallory originally came up with it!) and we have a good grasp of how much house we can afford. (The one I had my eye on with the indoor pond in the solarium is just going to have to wait; it’s a little above our price range. I figure we can add on to the one we buy in a year or two.) Remember my human tends to get a bit obsessive about projects so she was all for spending all her free time house hunting. I needed to keep her on track with getting all the documentation together and back to Christy. No sense in finding a house and then not being able to do anything about it, right? (I’ve got to tell you, there have been times this week when our priorities have been like oil and water.)
And, since she has her own business the documentation is more cumbersome that it might be otherwise. I imagine that people who work for a company and get one tax form have it a little easier. Good thing that Christy gave her a list; we both like checking things off lists! Luckily we have all of her 1099 forms from all of her clients (both digitally and in paper form) which show consistent income; they’re all on firm contracts. We might have been skating on thin ice if the clients didn’t have a contract that gave her some financial security! I suppose that I should be grateful that she has enough clients that we can complain about all the 1099s although we did have to go on a hunt for one of them, we have moved around some and I really couldn’t tell you how that form ended up in the box of dehydrated brine shrimp.
It turned out to be a good thing that I had fueled up on those shrimp before we started proving she’s been paying half of the lease for the last two years. Since her name isn’t on the lease we had to go through all the bank statements (at least payment was electronic transfer) and make copies and then block out the expenses that got charged to the business and – well, you get the idea. I shudder to think of what we’d do if she had been paying the roommate in cash! (And it’s not easy for a goldfish to shudder, believe me.)You don't have to go overboard on paperwork to get a #mortgage Click To Tweet
Now, I get that she feels like she’s living in a financial fishbowl (could I tell you stories!) and I’m not going to go into the complaining she’s done. (Any gratuitous sympathy is appreciated though.) It is what it is and all of this documentation will help us be certain that we can afford the house; I mean no sense in making an offer and then getting denied or losing the house because we didn’t have the documents needed for a mortgage loan. Suffice it to say that there’s a lot of information that is cross checked; like whether you are involved in litigation. Guess that makes sense since no one really knows how that would affect your finances. The one item I hadn’t thought of (luckily Christy did) was a formal “gift” letter – remember Mallory’s parents are giving her some of the down payment. Mallory’s family are a pretty casual bunch and none of us thought of memorializing the gift. (Who in the human world comes up with these words, memorializing, really?) But thinking about it that makes a lot of sense all around, Mallory has siblings and having this all in writing will probably preclude some troubled waters down the road. Then there’s Mallory’s student loan debt, and the paperwork on that. (Not the easiest forms to understand are they?)
We have finally put everything together, checked off our list and Mallory will be back with Christy tomorrow to go through options. (A fish tale for another day.) Still it feels good to be diving into the Mortgage pool instead of just treading water. Pearly
Catch the adventure from the beginning 🙂