There are three things in particular that you need to know about your money when buying a home:
1. You want to have all of your money come out of the same account. There will be a down payment, earnest money deposit, and closing costs. If they all come out of the same account, it will save you a lot of paperwork and headaches and make the transaction a lot smoother.
2. Keep the money in the same account for at least 60 days if you can. During that time, the money seasons so the lender doesn’t have to source where all the money is coming from during the transaction. We don’t want to be tiptoeing any of those anti-money laundering laws.
3. Avoid transferring money between accounts. We want to make sure that the money you bring to closing is in the same account that your earnest money came from. It makes the process cleaner, faster, and smoother for you.
That’s all we have for today. If you have any questions for us or you’re interested in buying or selling a home, give me a call or send me an email. I would love to hear from you.