If you are a first time home buyer, or looking to make a move and will need to use funds from your bank account, here is a helpful hint which will save you a huge amount of time and frustration (but they involve planning on your part):
If you make a large deposit make sure your mortgage lender knows where the funds came from. You will need to write an explanation letter in addition to at least one of the following:
- If the funds are from your retirement account or other account that you own, you will need to provide that accounts statement. Note, if this is a trust account you will need to show the trust docs so they know who needs to give permission for this.
- If they are gift funds, you will need to get a letter from the person who gave you the gift which will need to be signed by you and the person who gave you the gift. Also, you will need to show their account statement with the funds coming out
- If it was a loan from someone, you will need to provide the terms and then the monthly payment will need to be factored into your Debt Ratio.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment