Season Assets Two Months Before Applying for a Mortgage

Posted on 11:09 AM | By Smart Wealth Advisory | In

Most mortgage programs offered with the majority of banks and lenders out there ask that you verify liquid reserves for “x” amount of months to prove that you have the available funds to make future mortgage payments.

However, many potential homeowners and homeowners alike apply for mortgages without seasoning their assets, and often run into problems when applying for a loan.

While you may not have the necessary verifiable assets, there are a number of ways around the problem. You can borrow money from a family member or a friend, and put it in your bank account two months before you apply for a loan. Or if you have cash lying around, get it in your bank account as soon as possible. This way the assets will be seasoned by the time the lender requests asset verification.

Though the assets may have come from a family member, friend, or any other unknown source, the money will be considered seasoned after two months, and thus won’t need sourcing. The issuing bank or lender will simply ask for a “VOD” (verification of deposit) which won’t show the source, just the average two-month balance of your account. The higher that number, the stronger you’ll look, and your odds of getting approved for financing will rise.

If you verify your assets, you’ll also save money by qualifying at a lower interest rate while increasing the amount a lender is willing to finance. It’s a must for anyone applying for a loan, and foolish to rush into a loan until you’ve got your assets in order. This goes hand-in-hand with credit organization.

Some audacious brokers even furnish borrowers accounts with assets as a way of solving these problems, although it’s a bit of a “black-hat” technique which is probably best avoided.

Remember that most lenders request two months PITI (Principal Interest Taxes Insurance) for owner-occupied programs, four months PITI for second homes, and six months PITI for investment properties.

Never rush into a loan until you’ve got everything in order. You’ll kick yourself for not making small adjustments that could save you hundreds to even thousands a month on your mortgage payment.

Comments (6)

Greetings! I know this is kind of off topic but I was wondering
which blog platform are you using for this site? I'm getting fed up of Wordpress because I've had issues with hackers and I'm looking at options for another platform. I would be great if you could point me in the direction of a good platform.
Also visit my web blog :

I've been browsing online more than 2 hours today, yet I never found any interesting article like yours. It's pretty worth enough for me.
In my opinion, if all website owners and bloggers made good content as you did, the net will be a
lot more useful than ever before.
Feel free to visit my web blog kohls 30 percent Off coupons

I was curious if you ever considered changing the structure
of your website? Its very well written; I love what youve got to say.
But maybe you could a little more in the way of content so people could connect with it better.
Youve got an awful lot of text for only having one or two pictures.
Maybe you could space it out better?

My blog post psn code generator

Awesome article.

Feel free to surf to my weblog ... Generateur de Code PSN

Hi there Dear, are you in fact visiting this web site regularly, if so then you will without doubt
take fastidious experience.

Also visit my homepage; Curamedicine

Good Day !!!!!

I am Hwa Jurong, a Reputable, Legitimate & an accredited money
Lender. I loan money out to individuals in need of financial assistance.
Do you have a bad credit or are you in need of money to pay bills?
i want to use this medium to inform you that i render reliable beneficiary
assistance as I'll be glad to offer you a loan at 2% interest rate to
reliable individuals.

Services Rendered include:
*Home Improvement
*Inventor Loans
*Auto Loans
*Debt Consolidation
*Horse Loans
*Line of Credit
*Second Mortgage
*Business Loans
*Personal Loans
*International Loans.
Please write back if interested.
Upon Response, you'll be mailed a Loan application form to fill. (No social
security and no credit check, 100% Guaranteed!) I Look forward permitting me to
be of service to you. You can contact me via e-mail: , , ...
Yours Sincerely,

Hwa Jurong(MD).

Post a Comment