Just a few guidelines to follow when financing for a home loan. Many buyers are not aware of what they should and shouldn’t be doing when they are in the middle of the financing process. The following are the Do & Do Nots that a buyer should be aware of:
Do not deposit cash or random checks in your bank accouts only paychecks.
Make copies of all items that you have deposited into your bank accounts.
Do not withdrawl large amounts of cash from your accounts.
Try not to transfer between from accounts. To hard to track at times.
Save money in your accounts do not have NSF fees.
Do not apply for credit or have credit inquiries during the homebuying process.
Paystubs should show 40 hours a week.
Pay your rent with a check never cash.
If gift funds are going to be given the gifter must give a copy of the bank statement where money is coming from.
Be sure that the dates of employment are accurate.
Be sure that the dates of rental history has no gaps.
Be able to show your tax returns or show an extension.
Let your lender know if you owe any income taxes upfront.
Communication with your lender and real estate agent are crucial in the home buying process. It is better to be upfront with everyone before the buyer starts spending money on inspections, appraisal fee and possible repairs to the property.
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