Mortgage Blog

Ingeneral, the lenders have the following requirement,
one month bank statements for loans<=417k; two
month bank statements for loans > 417k.

But for each loan,  We spend almost one third of the time
on the explanation of the large deposit to the lenders.

In order to avoid money laundry, the borrowers should
explain all the deposits of the amount over $5000.
And the borrowers should provide the source of those funds.

WE could have the transaction more smoothly if we can
prepare the assets documentation a little bit earlier.

For refi, we should prepare a clean statement with the
amount of two months of PITI(Principal, Interest, Property
Taxes and Insurance). Don't transfer the money back and forth
if you plan to refi.

For purchase, we need to have the amount of down payment
plus two months of PITI. If you plan to get the month from
relatives, please do it two months ahead of time, otherwise
the gift letter is need. If you have the down payment
in several accounts, please tranfer the money after the
documents submitted to the lenders. Otherwise, the loan
agent will documents all those transfers again and
explain to the lender.