"if a bank would sign a contract with you then it is valid."
I still don't understand - I think you might be confused about how mortgages work. Every loan is a contract. There is no such thing as the bank just giving you some money and then deciding on the interest rate later. Adjustable rate loans adjust according to a formula in the contract. Fixed rate loans are fixed, and the bank enters into the contract because they estimate that they will make a profit. If they don't, they are still stuck with it. It's a contract, they can't change it.
"contracts do NOT have to be witnessed"
I know; I never said they did. I just said that witnessing can help establish the validity of a contract if a dispute arises, and that TOS click-throughs lack this. I'm pretty sure that any serious contract, involving a lot of money, is witnessed. All of the house loans I've ever signed for have been witnessed, and I had to prove my identity as well.
I still don't understand - I think you might be confused about how mortgages work. Every loan is a contract. There is no such thing as the bank just giving you some money and then deciding on the interest rate later. Adjustable rate loans adjust according to a formula in the contract. Fixed rate loans are fixed, and the bank enters into the contract because they estimate that they will make a profit. If they don't, they are still stuck with it. It's a contract, they can't change it.
"contracts do NOT have to be witnessed"
I know; I never said they did. I just said that witnessing can help establish the validity of a contract if a dispute arises, and that TOS click-throughs lack this. I'm pretty sure that any serious contract, involving a lot of money, is witnessed. All of the house loans I've ever signed for have been witnessed, and I had to prove my identity as well.