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

Begin 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¦

Acquiring 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.