Bank Statements Can Make or Break Your Home Loan

Ever wonder why it is that some home loan transactions don’t close on time, leaving both the client and real estate agent hanging?   More often than not, it is for a completely preventable reason.

Mark Robertson, Mortgage Advisor with Samuel Scott Financial Group, has been in the  lending business for more than a decade.  Throughout this time, Mark has closed hundreds of mortgage loans and has gained vast experience guiding clients through smooth transactions.

Understanding what can delay a transaction empowers agents and borrowers to better work with their lender and meet everyone’s expectations.  In this video, Mark explains THE MOST COMMON Reason that home loan transactions miss deadlines and how avoid the situation. 

Mark has found that one of the most common issues clients face when trying to close a loan on time is trouble with their bank statements.  When you are submitting a loan to the bank, the lender has to validate the source of monies that are coming in to your bank account.  If these sources cannot be validated, it slows down the loan process and can cause a lot of confusion for the home buyers and the Mortgage Advisors.

Monies such as normal income from your employer, child support, social security and pensions are great sources of income, as they provide documentation and are deposited into your account on a consistent basis.  Some people can run into difficulties when they are given money from a family member or friend (gift money).  Gift money is completely acceptable as a source of income, but it must be documented in order for the transaction to continue.

You want to avoid having anything appear on a bank statement during your transaction that is unexpected.  Let’s say you win money in Vegas or sell an old car; that’s great!  Just don’t randomly deposit that money into your account.  It will set off a red flag to the lender, who will need you and your Mortgage Advisor to carefully document the new money and validate it’s source.  This can take up a lot of time and slow down your home loan process.

It is also important to always ensure that the money you will be using for closing costs will come from one of the accounts that was listed on your original loan application.  If the buyer uses an account that was not listed, the money cannot be withdrawn and a delay in the closing process will occur.  Including the correct accounts and making sure to use those accounts will save everyone tons of time and stress during the loan process.

At Samuel Scott Financial Group, we tailor the residential loan process to meet the needs of our clients.  Our Mortgage Advisors are experts guide real estate agents and borrowers through their transaction, providing thoughtful advice and friendly support.

If you would like to speak to someone about your home loan options and how to make sure you have a smooth and pleasant experience, contact Samuel Scott.  We would love the opportunity to earn your business.

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Carmel Valley San Diego Community | Mark Robertson | Samuel Scott Financial GroupMark Robertson was one of the four original Mortgage Advisors who helped launch Samuel Scott Financial Group in 2006.  Six years later, he remains one of their top producing originators and a client favorite.

Mark believes that it is his job to empower people and help them make educated decisions about purchasing or refinancing their home.  With more than a decade of experience in real estate and lending, he uses his expertise to position his clients for successful transactions.

Through out San Diego, Mark is known for his incredibly high level of customer service.  He goes above and beyond to make sure his clients receive star treatment and professional communication.  His ‘first-class’ mentality has earned him an outstanding reputation and thriving business with high end clientele looking for specialized loan programs.  Mark is the perfect source of information for buyers who need Jumbo loans, are self employed or have other unique financial situations.

Samuel Scott Financial Group is a boutique mortgage company recognized for superior customer satisfaction and the way they tailor the residential loan process to every individual client.  Todd “Samuel” Pianin and Brian “Scott” Reynolds founded the company on the principles of long lasting relationships, and a sincere honest approach to every single individual we serve.  Consistent and reliable, Samuel Scott Financial Group has been selected as The

Carmel Valley San Diego Community | Samuel Scott Financial GroupBest Mortgage Company in San Diego for the 5th straight year by readers of local publications.

President:  Todd Pianin

Vice President of Sales:  Russ Schreier

Mortgage Advisors:  Christian Alvarez,  Dean Brown, Mark Buchanan, Mitch Palmer, Brian Reynolds, Debra Roberts, Mark Robertson, Alex Scoma, Brian Shaw, Keith Sims, David Talbott.

Carmel Valley San Diego Community | Equal housing Lender | Samuel Scott Financial Group

 

Samuel Scott Financial Group is licensed by the CA Dept. of Real Estate license #01458652 and NMLS identifier 235584. ©2011 Samuel Scott Financial Group. All rights reserved.

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