Property Buy and Sell Tips

Buying a home is already a big purchase in itself, and it wouldn’t make any sense to make another major purchase that will put you deeper into debt. This includes buying a car, furniture, electronics, appliances, going on vacations or paying for an extravagant wedding.

Do not move around your money either. When your lender reviews your application for their approval, one of the things they will look closely at will be the source of your funds for the down payment and the closing costs. Chances are you will be asked to provide proof for the last two or three months on your liquid assets. This includes all bank accounts, money market funds, stock statements, mutual funds, etc. The lender will also require a paper trail of your deposits and withdrawal. You’ll need to produce deposit receipts, cancelled checks, and other data, which is a rather painstaking task. In other words, moving your money around will make it more difficult for your lender to properly document. Leave your money in the bank until you speak to a loan officer.