In this today's fun conversation, Nick and Joe tackle one of the most challenging parts of the mortgage journey: documenting large deposits. They explain what constitutes a large deposit, why lenders pay close attention to it, and provide insightful scenarios to clarify what documentation is required and when. They emphasize that the documentation process can vary significantly depending on the source and history of the funds. Whether you're just beginning the mortgage process, already in the midst of it, or assisting someone else, this video hopes to offer clarification for all parties.
What's Covered:
✓ What is a "Large Deposit"?
✓ Why do lenders care?
✓ Separate Bank Accounts
✓ Net Proceeds
✓ Gifts
✓ Liquidation
✓ The Sale of Goods
