How Should I Document My Assets When Applying For A Loan?

Real Estate Agent with Coldwell Banker United Realtors® ~ 512.750.6899

CT HancockCT Hancock, Mortgage Advisor with Coldwell Banker Mortgage, advises us verifying funds for down payment and/or closing costs and documenting their source is a crucial part of the loan process.

There are two kinds of your money that must be documented correctly:

1.      Money you already have – needs to be documenting by providing  statements.
2.      Money to be acquired – during the loan process such as gift funds, sale of property, etc. requires specific and detailed documentation and should be discussed with your Mortgage Advisor prior to receipt and depot of funds.

CT Hancock offered us 7 quick tips for documenting assets:

1.      Deposit statements of all kinds, checking, savings, money market, 401K, etc. must cover at least 30 days of activity, and must be complete with all numbered pages provided.
2.      Statements should have a beginning date and beginning balance, and ending or cut-off date and ending balance, with 30 days of activity or account history detailed.
3.      Must have institution name in the form of business logo.  Cannot be typed at the top of document.
4.       If document does not have business logo, then it must have a secure web address clearly visible at the top or bottom of the page containing the name of the deposit institution of each page must be stamped with the business name and signed by a representative (teller, customer service, personal banker, etc.).
5.      All large deposits (greater than $100) should be documented and explained.  This will customarily involve copies of deposit slips, possibly cancelled checks, receipts, bill of sale, property titles and may also include additional account statements in the case of money transfers.  Also, expect to write a brief explanation to accompany the above documents and reference them back to the statements on which the deposits appear.
6.      Avoid cash deposits during the home shopping/loan processing time frame, as these are almost impossible to document and are generally considered to be non-allowable source of funds for down payment.
7.      Best practice is to have all down payment funds on deposit in one account prior to shopping for a home and avoid transferring money in or out of that account until need for earnest money and closing.

Consumers, if you follow these tips when documenting your assets for a mortgage you will find the process will go much smoother.  It has to be done so take time to methodically document and the sooner you provide the paperwork to your lender the sooner the loan can be processed.

P.S. If having a new home in on your Christmas list, just call Dorie Dillard.  Whether you need to buy or sell a NW Austin area home, I can help!

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Re-Blogged 2 times:

Re-Blogged By Re-Blogged At
  1. Maggie McFarland 11/23/2012 10:49 PM
  2. Roy Kelley 11/25/2012 09:33 PM
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Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Hi Wallace,

It is easier to collect everything up front and not leave things to the end..can really delay the process.

Nov 23, 2012 09:31 PM #9
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Hi Rob,

It is important to keep good records!!

Nov 23, 2012 09:32 PM #10
Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Excellent detailed list for documenting assets Dorie.  Keeping good records is so important.

Nov 23, 2012 09:38 PM #11
Maggie McFarland
RE/MAX Pearland - Maggie McFarland - Pearland, TX
Pearland Realtor, Homes for Sale in Pearland Texas

What a great blog! I'm going to have to "reblog" it! Have a great day!

Nov 23, 2012 10:47 PM #12
Clint Mckie
Desert Sun Home, commercial Inspections - Carlsbad, NM
Desert Sun Home, Comm. Inspection 1-575-706-5586

Hi Dorie,

I have heard about night mares when wanting to get to a closing for a home.

Documenting the funds the buyer is wanting to use in the purchase of a home is crucial.

You can't just come up with funds. They have to be documented as to their origin.

Thanks for listing the Do's and Dont's of the trail of cash.

Have a great day in Austin texas.

Best, Clint McKie 

Nov 23, 2012 11:08 PM #13
Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

Dorie, Cash has become more and more complex and can actually stop a sale cold in its tracks if it can't be documented properly. Good reminders.

Nov 23, 2012 11:14 PM #14
Adrian Willanger
206 909-7536 - Seattle, WA
Profit from my two decades of experience
Dorie, this is a really a very good list to be share with homebuyers, these are also some great questions listings should be asking the lender.
Nov 23, 2012 11:33 PM #15
Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400
The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803 - Plainview, NY
Long Island Home and Condo Specialists

Very thorough list Dorie for this process. Keeping good records certainly tops the list...

Nov 23, 2012 11:48 PM #16
Anita Clark
ColdwellBanker SSK Realtors ~ 478.960.8055 - Warner Robins, GA
Realtor - Homes for Sale in Warner Robins GA

Dorie: This is a very good list that agents should be providing to their buyers.  Good record keeping is a must!

Nov 24, 2012 12:17 AM #17
Carol-Ann Palmieri
RE/MAX Executive Realty, Al and Cal Realty Group - Franklin, MA
"Cal" the Real Estate Gal

Hi Dorie.  Great blog to inform those that are/will be looking for financing.   Knowing up front what will be needed takes so much unnecessary stress away.  

Nov 24, 2012 01:36 AM #18
Rebecca Gaujot, Realtor®
Vision Quest Realty - Lewisburg, WV
Lewisburg WV, the go to agent for all real estate

Dorie, great tips and keeping good records is a must.

Nov 24, 2012 04:51 AM #19
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Hi Roger,

Yes keeping good records is a must!!!

Nov 24, 2012 06:57 AM #20
Sharon Lee
Sharon Lee's Virtual Assistance - Jonesborough, TN
Retired and loving life

Dorie-This is very informative. Definitely a must have. Hope you had a wonderful Thanksgiving.

Nov 24, 2012 07:08 AM #21
Jerry Newman
Brown Realty, 210-789-4216, - San Antonio, TX
Texas REALTOR, San Antonio Military Relocation

Hi Dorie, I am keeping a copy of this nice list for my buyer clients. This is some great information to know about documentation when applying for any loans.

Nov 24, 2012 11:10 AM #22
Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Very good advice for home buyers.  I will make a note to re-blog.

Have a great day and an outstanding week as home buyers continue to take advantage of the very attractive mortgage interest rates.

Nov 24, 2012 07:36 PM #23
Joe Petrowsky
Mortgage Consultant, Right Trac Financial Group, Inc. NMLS # 2709 - Manchester, CT
Your Mortgage Consultant for Life

You are fortunate to have someone as knowledgeable as this mortgage guy around you. His knowledge can make more transactions happen, where others will others would fall apart.

Nov 24, 2012 08:14 PM #24
Gabe Sanders
Real Estate of Florida specializing in Martin County Residential Homes, Condos and Land Sales - Stuart, FL
Stuart Florida Real Estate

It's more important than ever to have that paperwork complete for loan applications.  Great tips.

Nov 24, 2012 08:17 PM #25
Conrad Allen
Re/Max Professional Associates - Webster, MA
Webster, Ma, Realtor

Great tips Dorrie.

Nov 24, 2012 09:03 PM #26
Ricki Eichler McCallum
CastNet Realty - Corpus Christi, TX
Broker,GRI,ABR, e-Pro, TAHS

Hi Dorie,  Greqt information every buyer should read and understand before they get ready to buy!

Nov 25, 2012 04:58 AM #27
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

Dorie, this is an important and educational post for buyers. Most people are clueless about the required documentation. Some are offended by the close look at their records, especially providing a paper trail for "large deposits (over$100)."

Nov 25, 2012 11:26 AM #28
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