Why You Need PODs When Obtaining a Mortgage

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Why You Need PODs When Obtaining a Mortgage

• Nathan Carlisle

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Monetary Deposits are Scrutinized
First and foremost, any money that you may have
ear-tagged for closing costs must be deposited
into an approved bank account and the word
deposited is key. Any deposited money will be
subjected to stringent guidelines to ensure the
borrower will have the ability to repay the
mortgage loan. Because of this, lenders will want
to be fully informed concerning the origins of
deposited monies that will be utilized for
closing. If you have a generous family member who
gifted you a sizeable amount of cash, that gift
must meet certain criteria, via the underwriter.
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POD is More Than Just Money in the Bank

• Lenders want to know as much as possible about
  any deposited funds that are designated for
  closing costs and they look for the following
  information
• 1 Bank statements that show at least 2 months of
  deposits and with-drawls.
• 2 Bank statements that indicate beginning
  balances as well as ending balances for each of
  the two months or more.
• 3 Deposit origins and withdraw destinations need
  to be readily clarified if questions arise.
• 4 Name of the account owner and account number
  must be indicated on the bank statement.
• - See more at http//www.nathancarlisle.com/blog/
  why-you-need-pods-when-obtaining-a-mortgage/sthas
  h.FHUTYClQ.dpuf

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Conclusion
It is very prudent to know ahead of time what is
expected by any lender regarding Proof of
Deposit. No one likes unexpected
surprisesneither the lender nor the applicant.
Experiencing a smooth ride from loan application
to closing can be achieved by being proactive and
knowing what you need to have in order before the
journey towards homeownership ever begins.
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• Thank you

For more information check out our blog post
http//www.nathancarlisle.com/blog/why-you-need-po
ds-when-obtaining-a-mortgage/sthash.FHUTYClQ.dpuf