Things Not to Do Before Purchasing a Home
No Major Purchases of Any Kind!
This includes automobiles, jewelry, furniture, appliances, electronic equipment
and vacations.
Don't Move Assets Around!
When a lender reviews your loan package for approval, one of the items they are
apprehensive about is the source of money for your down payment and closing
costs. More than likely, you'll be asked to provide statements for the last 2 or
3 months on any of your liquid assets. This includes checking accounts, savings
accounts, money market funds, certificates of deposit, stock statements, mutual
funds, 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. You may be asked to provide
cancelled checks, deposit receipts, and other items. The underwriter (the person
who actually approves your loan) will require a perfect paper trail of all your
withdrawals and deposits.
You may become irritated with your lender, but they're only doing their job! To
eliminate potential fraud, it's a requirement on most loans to completely
document the source of all funds. Transferring your money around could make it
more difficult for your lender to properly document. So leave your assets where
they are until you talk with a loan officer. And definitely don't change banks!
For the most part, changing employment will not adversely affect your qualifying
for a mortgage loan, especially if you are going to be making more money.
However, in some cases, the effects of changing jobs can be a disaster for your
loan application.
The author, Roy White, and his wife, Shirley have over 28 years experience
helping people buy and sell real estate in Las Vegas, NV. Roy specializes in
helping investors, and is an investor himself. If you have any questions or
comments please call Roy and Shirley toll free at 1-866-374-3444 or e-mail them
at CENTURY21WHITE@aol.com
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The Roy and Shirley White Team
CENTURY 21 Aadvantage Gold
5041 N Rainbow Blvd
Las Vegas, NV 89130
Direct Line 702-610-4270
Toll Free 1-866-374-3444
Fax Line 702-309-4483
Each office is independently owned and operated
