Making Sure Your Cash-To-Close Comes From The Proper Source
Providing proper asset documentation and the actual source of the funds is a critical element of the loan closing process. There’s nothing worse in a real estate purchase than making it all the way through the hoops and hurdles just to have a loan denied after the final documents have been signed due to the borrower using the wrong checking account for the down payment. Seasoning of the down payment money is just as important as the source, which is why underwriters typically require at least two months bank / asset statements in the initial mortgage approval process. A Few Acceptable...
Read MoreTalk the Talk – Know the Mortgage Lingo at Closing
What the heck are they talking about? Many borrowers go through the closing process in a haze, nodding, smiling, and signing through a bunch of noise that sounds like Greek. Even though you may have put your trust in your real estate and mortgage team, it helps to understand some of the terminology so that you can pay attention to specific details that may impact the decisions you need to make. Common Closing Terms / Processes: 1. Docs Sent – Buyers sit on pins and needles through the approval process, waiting to find out if they meet the lender’s qualification requirements (which...
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