Other Things to Avoid Before Purchasing a Home
Donít Move Money Around
When a lender reviews your
loan package for approval, one of the things they are concerned about is the
source of funds for your down payment and closing costs. Most likely, you will
be asked to provide statements for the last two or three months on any of your
liquid assets. This includes checking accounts, savings accounts, money market
funds, certificates of deposit, stock statements, mutual funds, and even your
company 401K and retirement accounts. Call Cathy for Southern Pines NC horse farms.
If you have been moving
money between accounts during that time, there may be large deposits and
withdrawals in some of them.
The mortgage underwriter
(the person who actually approves your loan) will probably require a complete
paper trail of all the withdrawals and deposits. You may be required to produce
cancelled checks, deposit receipts, and other seemingly inconsequential data,
which could get quite tedious.
Perhaps you become
exasperated at your lender, but they are only doing their job correctly. To
ensure quality control and eliminate potential fraud, it is a requirement on
most loans to completely document the source of all funds. Moving your money
around, even if you are consolidating your funds to make it "easier,"
could make it more difficult for the lender to properly document. Call Dale or
Pinehurst golf condos for sale.
So leave your money where
it is until you talk to a loan officer.
OhÖdonít change banks,
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