Tag: VA loan

This week we’re going to focus on the role that assets play with transactions.  When it comes to funds to close, improper documentation and lack of documentation are the biggest reasons mortgages close late.

Team Aalto assets tips:

1. Fully document all deposits.  These days lenders need to know exactly where your deposits came from.  If it wasn’t from an electronic paycheck deposit, you’ll need to provide a complete paper trail to your lender.
2. Provide all pages of bank statements and investment accounts.  Yes, even the blank pages.
3. Request and deposit funds early.  It may take two to three weeks to get 401k funds so request them early.  If you are receiving a gift, get the funds and the documentation before you have an accepted offer.  In both cases, your Bank may not give you access to the funds right away so the earlier the funds are deposited the better.
4. Stop transferring funds all over the place.  Lenders need to get an accurate snapshot of how much money you have to work with – when funds are transferred constantly it makes it really difficult to verify funds to close.
5. We understand that finding and providing documentation isn’t the highlight of the day.  Our job is to get your loan closed on time – we all need to work together to make sure all needed items are submitted to underwriting as quickly as possible.

As is always the case, provide all documentation requested by your lender at the beginning of the process – that gives us plenty of time to review your documentation and catch any things that might delay your closing.