Dave Boye with Black Diamond Mortgage is here to give a quick class on asset sources. If you have been asked to source your assets by your loan officer or someone in our office, this is what they need:
Asset Sources Basics:
- Bank Satement for 30-60 days. All pages required, no exception. And, do NOT black out any information on a bank statement. It will only make it harder and take your loan longer to close because it blocks the verification process. There’s no need to worry, trust us! If you are worried, call us, but don’t worry.
- Deposits. Anything other than routine deposits, such as paychecks, will need to be verified. What are they? If it is a gift, that will need to be verified and possibly a letter from the person who gifted it will be needed. Large funds deposit, such a property sale, will need to be verified. Do not deposit any cash during your loan process. It could delay your closing. Call us first if you need to deposit cash.
- Business Account. If you own a business, send us a bank statement for the same period. There may be more to do for your loan.
Big Picture: We can use all your funds, we just need to verify them. Most importantly, bring us the bank statement and we will guide you from there. If you omit information it will delay your closing and we want to get to the closing table fast! We are here to help!