DON’T MOVE YOUR CASH/SAVINGS AROUND:
We have to verify all funds for closing, including the source of those funds. Moving assets around can create a paper trail nightmare. The best advice is to leave everything where it is, even if the purpose of the move is to pool your funds for buying the house. After we verify your accounts and give you an “OK,” you can consolidate your accounts if you want.
Always consult the Alex Jaffe Team before you move any funds.
We must verify all source of funds for the transaction…to check for any undocumented income or debt. We will be looking at any large deposits into your bank accounts. You should be prepared to document the source – perhaps a copy of a paycheck, personal check, money from the sale of an asset, etc. If you have a question as to how, please ask the Alex Jaffe Team.
If you are selling an asset such as a car, an antique, or baseball card
collection to come up with the cash for closing, please document the
asset. For example, if you sell a car, obtain the check from the
buyer, the title and a bill of sale. You may need to get a certified appraisal of the item.
Gifts from relatives are common in the purchase of a home.
However, there are specific ways a gift must be handled as to not
create a paper nightmare for you. If you are getting a gift,
hold off receiving it until you have spoken with Alex. Please
carefully follow the instructions on our Gift Letter form for
your loan program.
BECOME A PAPER HOUND:
Save all pages of all bank statements and pay stubs from now until
DO NOT PACK ANY FINANCIAL PAPERS:
Keep all pages of your tax returns, along with any W-2’s, 1099’s,
or K-1’s and any other financial papers from the past two years in
a handy place. If you sold a home in the past two years, have your
Settlement Sheet handy. You may have to provide an item that you did not anticipate.
CREDIT CARDS/NEW DEBT:
Do not apply for any new credit of any kind! That credit inquiry will
show up on your credit report, and we will have to verify there
is no new outstanding debt. If you are planning to add a debt
or pay debts off for closing, wait until you have spoken
with the Alex Jaffe Team. If you have paid off any debts recently, it may not show on your credit report, and we will have to re-verify each creditor’s current balance, requiring more time and paperwork.
Please do not change jobs during this process without telling
Alex. Your new position could jeopardize your approval for your