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Mortgages 101, 3rd Edition by David Reed

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CHAPTER 3

Getting Your Finances Together

For purposes of getting a mortgage, your finances come in two forms: your income and your assets. Income is how much money you make, and assets are used for your down payment and closing costs. Now that you’ve gotten your approval, you’ll need to understand how your finances will be viewed and documented by your lender.

3.1 WHAT WILL THE LENDER LOOK FOR WHEN EXAMINING MY ASSETS?

First and foremost, you need to make sure the assets belong to you and you have access to them. Sometimes first-time home buyers share a savings or money market account with their parents. Even though your name might be on the statement, ...

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