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Things Not to Do Before
Purchasing a Home
No Major Purchase of Any Kind
This includes furniture, appliances, electronic equipment, jewelry, vacations, expensive weddings…
…and automobiles, of course.
Don't 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.
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.
Oh…don't change banks, either.
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Sunset Harbour: Sunset Harbour
Tucked away in a North Myrtle Beach location long known for its quiet and gorgous waterway views. Sunset Harbour was planned to preserve and protect the natural beauty of the land and to enhance the Sunset Harbour residents' enjoyment of the Intracoa... More On This Community
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Conway: Conway
Located just 12 miles inland from the beach, Conway is one of the oldest towns in South Carolina. Originally named Kingston, the town was created in 1734. It was laid out on a river bluff in the center of what eventually became Horry County.
Conw... More On This Community
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Michael King •
KingOne Properties •
866-361-9100
9713 North Kings Highway, Suite 203 • Myrtle Beach,
SC 29572
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