Purchase

Purchasing a home is probably one of the biggest investments you'll make in your lifetime. If you're considering buying a home, you're likely aware of the complexity of the endeavor. Because of the numerous factors to consider when purchasing a home, it's important to prepare as best you can.

Leading up to the months you are searching for your home, there are a few things you can do to put yourself in the best position for a smooth loan process. Because your credit will be checked prior to beginning the loan AND monitored during the entire process, we recommend paying balances to less than 30% of the limit, not opening any new trade lines, keeping large purchases to a minimum and paying all payments by the due date. 

Any funds being used for the purchase must be "seasoned" in your bank account for at least 30 days. This means any large deposits or money transfers will need to be sourced and traced if they are inside the 30 day window. If you are planning to receive or have already received funds that you don't plan on explaining, complete this prior to beginning your loan. The general rule for this amount is 1% of the loan amount or greater. It is also important to remember that cash cannot be used for funds in a home purchase. All funds used must be from a financial institute. 

 

At Ridge View Mortgage, we will guide you through all requirements and remain dedicated to finding the loan that fits your individual needs. 

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