@Anonymous wrote:
I received conditional approval and hope to have all this info and documents together by Monday. Pretty short list which I'm happy about, but one has me confused.
1. Provide satisfactory documentation that you have no ownership in current address. (This is my parents house, but as far as I know they didn't know that. They said a tax bill would suffice. Seems strange. If we were renting from a landlord it wouldn't really be proper to ask for a tax bill would it. Perhaps they know the owners of my current address have the same last name as me and want to be sure I have no ownership interest in the property. Really not sure.
Anyone heard of this request before?
The rest are pretty straightforward. Insurance and updated bank statement etc. I will have to call to get clarification of exactly what they want on the first one though.
Not a strange request. There is a lot of verification type review that goes on behind the scenes when you apply for a mortgage. Most of it doesn't hit your radar because it is routine and handled internally by the processor or u/w. When a red flag pops up, such as the appearance of you owning the property in which you live due to the same name, then the u/w asks for clarification. The tax bill would show who the actual owner is (parents for example). If you were renting from a landlord the presumption would be the names would be different. Besides, property tax bills are public records so anyone can download a copy or get a certified copy from the tax office.
The idea behind all this verification is to make sure that no fraud is occuring - eg, you don't own property (with a mortgage) that you didn't disclose
