By Timmy Rail of Citybrook Corp. NMLS•: 12812
When applying for a mortgage, lenders require a 60-day history of the assets that you are using for your down payment and settlement costs. Generally, all "large deposits" that a lender sees going into your account over this 60-day time-frame need to be "sourced." For example, if a parent were to give their child a gift for the purchase of a new home, this is a totally acceptable source, but needs to be proven the correct way, whereas that Super Bowl pool you won at the office may not be such an acceptable source.
When clients are close to their wedding, I always remind them that although lenders have become very picky on wedding gift monies, if properly documented the correct way, the funds can be used for a home purchase with no problems. This is where the importance of a solid pre qualification comes into play. Learning what is required from a seasoned mortgage professional can guide a borrower through a smooth home purchase transaction from the pre-qualification to the closing table.
Getting pre-qualified for a mortgage includes the review of what I call "the big 3;" your credit, income and assets. Call today to set-up a free mortgage pre-qualification-consultation here at Citybrook Corp.