Applying for a mortgage

When buying a home in South Florida or in any other state within the Nation, it is not just to come up with the money. Lenders will want to confirm where your money comes from. This is in part a quality control facet to protect against fraud, and it is also an underwriting instrument to determine your credentials as a borrower. If you can document that the money you have for the down payment comes from your personal savings account, the lender will be in no doubt of your financial stability as a borrower by simply checking into your savings history. Additionally, in case you have other possessions, which are not a requirement for the down payment, it is highly recommended to get them fully documented too. Why? These other possessions can be of so much help during monetary hard times so you can use them as reserves for medical emergencies or unemployment. Another reason is that these assets properly documented will show that you have a history of saving money and will make you look as a more faithful borrower. It is of so much importance to fully document the paper trail of the money you will use to make the down payment and pay the closing costs to buy that beautiful single-family home in South Florida.