How to Successfully Get a Mortgage in 2019

Mortgage and Lending with EstaR Mortgage NMLS #241125
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If you've traveled on an airplane recently, you probably went through a security check at the airport.  These security checks are required by a federal law called the USA Patriot Act.  This very same law has a provision that requires mortgage companies, banks, and financial institutions to document your source of funds when you buy a house or refinance a mortgage.  In short, the US government has recruited mortgage lenders in its fight against terrorism!  In fact, lenders are required by law to ask you for:

  • The exact source of funds used for your down payment and earnest money deposit. This includes where the money came from, how it got there, when it got there and why it got there.
  • If you have large deposits in your bank account: where the money came from, how it got there, when it got there and why it got there. Large deposits can be classified as any deposit representing 10% - 20% of your normal monthly income. For example, if you earn $10,000 per month, and you had a deposit for an additional $2,000 in your bank account last month, the mortgage company may be required by law to ask you to prove exactly where that money came from, how it got deposited in your account and why it was deposited there in the first place
  • If you're selling investments to get funds for any reason related to the home purchase, you'll likely be asked to document: [1] precisely which stock(s) or bond(s) you are selling; and [2] whether the trade cleared and when exactly the funds from the investment sale got deposited into your account.

Also, be sure to provide:

  • Last two months bank statements (all front and back pages) of any account where you'll be using the money for a down payment and/or earnest money deposit; and,
  • Explanation of any large or irregular deposits in those accounts

Separately, I'll send you a checklist of documents that are specifically required for your loan program.  Please reach out to me with any questions.  My goal is to make this a 5-star experience for you!


Chris Freck MBA CMPS
Chris Freck MBA CMPS
NMLS: 241125
EstaR Mortgage
(510) 463-1003
2413 Webb Avenue, Suite E,
Alameda, California 94501
Corporate NMLS: 1547521
Mutzig Managment, Inc dba EstaR Mortgage Licensed by the California Bureau of Real Estate, BRE License #2020370, State of Oregon Division of Financial Regulation Mortgage Lending License ML-5741 & Washington State Dept of Financial Institutions MB-1547521, NMLS#1547521. This material is not from HUD or FHA and has not been approved by HUD or a government agency.        

Comments (1)

Chris Freck
EstaR Mortgage - Alameda, CA
EstaR Mortgage, A Bilingual Brokerage

For more information, we can be reached at 510-463-1003


Thank you!

Sep 16, 2019 09:10 AM