How to Successfully Get a Mortgage in 2014

Kelly Marsh, Branch Manager at Broadview Mortgage Santa Barbara shared an article with us from the CMPS Institute that focuses on mortgage laws and how to avoid bank and institutions from documenting your financial life when applying for a loan. Here are some savvy tips from the article to help you get a mortgage in 2014:

If you’re interested in getting a mortgage in 2014, start preparing by getting documents ready. This includes the last two months of your bank statements and an explanation of large or irregular deposits in your bank accounts.

According to the article, the BSA-AML rules that went into affect in 2012 require mortgage companies, banks, and financial institutions to document the details of your financial life when you apply for a loan. This includes explaining the exact source of funds used for your down payment; explaining large deposits in your bank account; and sharing financial information if you are selling investments to help purchase a home.

This paperwork can be avoided if if you buy your home with cash. However this might not be the best financial move for you. Choose the right mortgage professional to help you, such as a CMPS professional who are bound by Code of Ethics to handle transactions with a higher duty of care than most others in the mortgage industry.

Kelly – thank you for the home buying education!  You can read the full How_to_Successfully_Get_a_Mortgage_in_2014 article for the complete details.

Broadview Mortgage is the Key Sponsor and will be one of the Exhibitors at our Home Buying Fair on March 1st from 10am-3pm at Earl Warren Showgrounds.