Looking for your dream home is a thrilling time of life says Russ Whitney. After you find your ideal home, you need to get approved for a mortgage. To navigate the challenges that may frustrate you organize your assets so you can secure a good deal on a mortgage.
Most of the lenders want to see a consistent history of deposits, not a huge lump sum deposit when you get ready to buy. Russ Whitney suggest that a large deposit may mean that the money was a gift. Lenders want to see that you’re earning the money yourself.
They want to know that you can keep paying on the loan after you receive it. At the same time make sure that you keep the same bank account.Proof of a steady income is how you prove to your lenders that you can pay on your loan for the long term.
If you plan to change jobs, wait until you have secured your loan before you do.Russ Whitney says assets may include the following items like Investment accounts,Life insurance policies,Boats, vehicles, jewelry, and antiques,Real estate holdings.
Lenders often double-check on your situation just before you close.Don’t make any changes to your financial status until you have closed on the home.