Long Beach Home Buyer Tips - Things to Avoid Before Purchasing a Home

Long Beach Home Buyer Tips - Things to Avoid Before Purchasing a Home



Long Beach Home Buyers Tips

Things to Avoid Before Purchasing a Home


Dont Move Money Around

Long Beach Home LoansBegin preparing for your home buying process several months ahead of time if at all possible.  The process begins with a lender.  The lender will request for you to provide them with the source of funds for your down payment and closing costs.  You will be asked to provide documentation of your assets for the last 2 or 3 months and perhaps last years tax return.   This documentation will include:

  • Checking Accounts
  • Savings Accounts
  • Money Market Funds
  • Certificates of Deposit
  • Stock Statements
  • Mutual Funds
  • 401K Statement
  • Retirement Funds
  • etc¦ 


Hopefully you will not have moved any large amounts of funds in the last several months and now would not be a good time to do so. 

The mortgage underwriter is the person who actually approves your loan, you will never meet him/her.  The underwriter will require a evidence of all your deposits and withdrawals.  They may also ask you to produce:

  • Cancelled checks
  • Deposit Receipts
  • etc¦

Long Beach Home LoansAcquiring a loan can be very stressful, before you get angry with your lender please remember they are just doing their job.  All of this is a necessary evil and is required in order to completely document the source of funds and eliminate potential fraud. Take a few deep breaths and think about your beautiful new home. 

At this time it would not be a good idea to:

  • Move money around
  • Change banks
  • Apply for credit
  • Purchase a Car
  • etc¦ 


Long Beach Home Buyer Tips - The entire 3 part series: 
 

How to Get the Best Home Loan - The entire 4 part series: 
 

 

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Posted on April 04, 2007 00:06:52 by Laurie Manny Professional Group
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To begin your search for the perfect home or to sell your home in the Long Beach area, begin your journey by calling Laurie Manny at (562) 212-5420.