Lender Requiring Trust Deed
I am purchasing a new investment property and the lender is asking me for copies of the deeds and notes on my other properties. Is this typical in your experience? Why would the new lender want to look at these other deeds? Are they trying to get an idea of clauses they can throw in to their own Deed or Note?
Opinions will be much appreciated.
JS.
Thanks cjmazur.
Are there any other opinions as to why the lender would want to see these documents?
JS.
I agree with what commercialking says... although when they see your credit report they can figure out most of what they want most of the time. I assume you filled out a 1003 and required other supporting documentation like a PFS and tax returns? If you have commercial or private loans that do not show up on your credit report, they (lenders) may want more details....
Is the lender a private lender or a bank/financial institution?
bk:
look at pacer. you pay .08/page website
tax lien:
county recorder website
IRS:
county recorder
jr/sr loan
look at amount
dare
loan #
etc.
pay service:
100-400/mo
400 includes everything.
attend them anyway, costs noting and very educational.