I am always emphasizing about how important having your banking lined up before you want to purchase a home and/or refinance.  It is really the number one “hurdle” we come across with loan approval.  If you have un-sourced deposits, money transferring from different accounts, deposits coming in from different accounts, etc. This creates extra documentation to provide which can create added stress and headache for our clients.

The main thing to remember is that it all needs to make sense, it all needs to come together. It’s best to get all needed funds in line before loan application (two months preferably).

Now if you are applying for a loan and not putting your significant other on the application BUT you have joint bank accounts, make sure to get a signed letter from them stating they are “allowing the use of funds in this account”.

Does that make sense?  Basically since one is not on the loan they still need to show that you are able to access the funds in a joint account, that they are allowing the use of funds.

If you need help or have questions it is always best to discuss with your lender prior to adjusting or changing anything in your banking especially if you are in the loan process. If you are wanting to get pre-approved contact us and/or complete our secure online loan application and we can help you through the process from beginning to end.

Make sure to “follow us” on FaceBook for other helpful tips. As well as Twitter, LinkedIn and Pinterest!

~Ray Williams
Branch Manager