Why Do Lenders Care About the Source of Your Down Payment?
Posted by Mike Cox
on Wednesday, 09 May 2012
in Rates In Motion Blog
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Rates are flat today. Today's rates with no lender fees are 3.625% APR on a 30 year, 2.875% APR on a 15 year and 2.750% APR on a 10 year. (click here for details)
So today I am going to talk about why lenders care where you get the money for a down payment. Yes, moms, even if you're helping your precious child with a down payment, the lender still needs to know.
Lenders need to validate the source of funds to assess any risks that you as a borrower may present AND to prevent a little thing called LOAN FRAUD.
Check it out in today's video: