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Home Buyer Tips: Moving Money Around |
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Home buyer tips. Moving money around can hurt your chances of getting the home loan you really could qualify for. Leave it where it is until you talk to your lender. |
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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.
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.
So leave your money where it is until you talk to a loan officer.
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Tired of searching though tons of homes for sale? Can't find your dream home. Fill out my simple form to find a home that matches your exact criteria. I'll do all the searching for you, and email you whatever I come up with.
When you want to buy a home in Southern Maryland you need buyer representation. Someone to look out for your best interest. The bonus is that I offer my services to buyers free.
Call me today before you go look at a home. If you are thinking about buying a new home, be sure to contact me before you walk into the model home. The agent there is working for the builder, not for you!
Plus, the builder has already figured in both of the real estate agents commissions into the price of the home. So the best thing to do is to get an agent, especially since you're going to pay for it anyway.
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