Did you know that Your Bank Statement Can Kill Your Loan!

Careful with those deposits Eugene!

If you are preparing to refinance a home you should pay extra attention to your BANK STATEMENTS!

Mortgage Lenders frequently request TWO months worth of bank statements ALL PAGES. So if your statement says for example page 1 of 6 - you will have to provide all 6 pages even if some of the are blank or seem insignificant!

Due to current banking and lending requirements ALL deposits must be verified.

What this means is that if there are non-payroll related deposits that do not match corresponding paystubs into checking or savings accounts these deposits are required to be verified via a copy of the deposit slip and copy of check deposited –front and back.

If cash is deposited it may not be used for eligibility purposes and must be accompanied by a signed and dated letter of explanation. With many lenders these days this condition cannot be waived regardless of account balances.

Make sure you can verify all of your deposits for the 60 days prior to applying for a loan and throughout the process! It will make buying a home a much less stressful process for everyone involved.

Senator Has New Modification Plan

First Priority Welcomes Don Owens onboard

First Priority Financial welcomes our newest loan professional,

Don Owens to our Raleigh branch!

A high credit score doesn't mean an easy win in today's mortgage game!

Many home buyers are shocked these days to find that even with flawless credit reports and great jobs it is a still a challenge to get a mortgage loan in today's lending environment. These days the key to getting your loan approved comes down to just how much effort your loan officer and the loan processor put into making it happen.

Ultimately it is the real estate team including the loan officer, processor, realtor, insurance agent, closing attorney and even the appraiser (who often due to regulations and lending requirments cannot even be contacted by these parties) that makes the transaction happen. The bottom line is this, if you are looking to buy a home or refinance a home it is the quality of your team that will make it happen. So choose wisely and make sure that each player on that team has been referred or chosen with great scrutiny. It will make the difference and score you the big win!