Steve Sheldon at Superior Mortgage Services tells all about “The Ugly Truth About Mortgages” and yes it’s true, there are some cases when cash can hurt your transaction. How is that you wonder? Well let’s just say…
You’re short on money for down payment, but you have an extra car in the garage that you don’t need. You sell the car to your friend for cash and deposit the funds into your bank account. You get a phone call from Steve Sheldon, your loan originator at Superior Mortgage Services and he tells you that the funds can’t be used for funds to close. After picking yourself up off the floor Steve explains because you haven’t documented the sale of the car properly.
To save yourself some unwanted grief follow these easy instructions when using money for a down payment.
Make sure to document the sale properly
1 – You must first make a copy of the title to the vehicle
2 – Create a Bill of Sale in which all parties sign
3 – Obtain and document value of the vehicle, i.e. Blue Book or NADA
4 – MOST IMPORTANTLY! only accept funds that can be traced, i.e Cashier’s check, Money Order, etc.
For the best Albuquerque Mortgage Call Steve Sheldon. Don’t forget if you or any of your friends and family are interested in Albuquerque Mortgages, Santa Fe Mortgages, or any mortgage in New Mexico contact Steve Sheldon at Superior Mortgage Services, LLC.