Be ready to explain your bank statements.
No one wants money to stand in the way when their heart is set on owning a home. But all too often borrowers pull last-minute moves that put their financing in jeopardy.
“The events that can endanger the transaction are the kinds that happen at the last minute,” according to Joe Parsons, senior loan officer with PFS Funding in Dublin, California, “for example, an unidentified or unsourced deposit made two days before escrow that we cannot source.”
We asked Parsons to share some common mistakes that can sabotage your mortgage approval process.