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A Must Read For Anyone Securing A Mortgage

By
Real Estate Agent with Classic Realty Realtor

A Must Read For Anyone Securing A Mortgage.

First of all and most important - I am NOT a Mortgage Professional. I am a Realtor
®...

Having stated the above,  I listen intently to Mortgage Professionals and my clients describing what it is like to secure a Mortgage these days. One thing that comes up again and again is in the area of Personal Bank Accounts and deposits. In fact, many clients have expressed their frustration to me and I simply remind them that rules are rules and that their Loan Officer is, in all probability, just doing his/her job.

One of our local Mortgage Companies in Winchester, Virginia - Success Mortgage - sent me this excellent article about securing a Mortgage and Cash Deposits. If you are presently purchasing or in the near future believe you will be buying a home, this is a MUST READ ARTICLE. 

When you click on the LINK a new page will open: Cash Deposits... Bad For Borrowers?

Comments (4)

Sandy Williams
eXp Realty, sandy@sandywilliams.com - Sarasota, FL

It has always been my understanding that deposits had to be explained.  I have had lenders question all types of deposits from buyers.  I had a client sell a motorcycle and deposit the money.  He had to show a bill of sale to prove the money trail.  This dates back to almost 9 years ago.

Oct 31, 2012 04:08 AM
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

David, if a past client calls and wants to purchase again (with a mortgage) I do have to tell them this process is MUCH different than past years!

Oct 31, 2012 05:41 AM
John Pusa
Glendale, CA

David - It is important to know such information about the requirement for anyone securing a mortgage.

Oct 31, 2012 06:46 AM
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

Believe me, I understand, as I deal with this everyday. The majority of these rules and regulations have come, as a result of the Dodd-Frank Act. The sooner it gets repealed, the better for all of us.

Oct 31, 2012 10:10 PM