When a lender reviews your loan package for approval in Raleigh North Carolina, one of the things they are concerned about is the source of funds for your down payment and closing costs. Most likely, you will be asked to provide statements for the last two or three months on any of your liquid assets. This includes checking accounts, savings accounts, money market funds, certificates of deposit, stock statements, mutual funds, and even your company 401k and other retirement accounts.

If you have been moving money between accounts during that time, there may be large deposits and withdrawals in some of them.

The the person who actually approves your loan in Raleigh NC, the mortgage underwriter, will probably require a complete paper trail of all your withdrawals and deposits. You may be required to produce cancelled checks, deposit receipts, and other seemingly inconsequential data, which could become over burdensome.

You may be tempted to become exasperated with your lender, but he or she is only doing their job. To ensure quality control and hopefully eliminate the possibility of fraud, it is a requirement on most loans to completely document the source of all funds. Moving your money around, even if you are consolidating your funds to make it "easier," could make it more difficult for the lender in Raleigh North Carolina to properly document.

So leave your money where it is until you talk to a lender in Raleigh, NC.

For complete information regarding buying, selling or investing in Raleigh NC real estate, call me at 919-272-2258 or e-mail me at Ray.Lenahan@realtyworld.com.  You may also fill out the form below. I realize that you may be currently in the information gathering stage, and may not be ready to "open up" about who you are, or what your needs are at this time.  Be assured this is perfectly okay, and that I will completely respect your online privacy.