Every Monday Morning at 8:15am, join me on my Facebook page as I sit down with a local lender, and do a live interview and talk about a Mortgage Tip that may help YOU with your next Real Estate Purchase. 

This morning I talked with Danielle Engels from Dakotaland FCU--listen as she advises on whether refinancing is the right choice for you.

 You can reach Danielle at 605.697.5922 or daniellee@dakotalandfcu.com  Her office is located at 2423 6th St., Brookings SD 57006 or on the web at www.DakotalandFCU.com



- What's up everybody? Shane here from the Brookings Home Team powered by Century 21, and it is a Monday morning again. We are here with Dani from Dakotaland doing our Monday morning mortgage tip, via Zoom yet. So, of course we're not live, maybe someday we'll get back to that again, but this'll suffice for now. So Dani's gonna talk a little bit about a mortgage chip here this morning. And before we do that, just remember, I'll have all of our information on the top, on the bottom or on the sides, wherever your device allows you to see that so feel free to reach out to her or myself. If you have any questions after this, and as always, feel free to tag or share anybody else in the video who you think would be a benefit for them as well. So, Dani, with that being said, what do you got for us today?

- Though I have had quite a few questions lately about verifying funds, like if a borrower is getting gift funds for example, there is a procedure that we have to go through so we are not trying to invade people's privacy but, like let's say for example, you were getting funds gifted from a family member, you have to fill out a gift letter, we have to verify a copy of that check, showing that it was, you know, received from them and deposited into your account, so we have to verify the bank that it came from, and then the bank that is going into. So, we need the bank account information showing that. Same thing like, if there's large deposits like all of a sudden you have a large deposit into your account and it's, you know, higher than what your gross monthly income would be. We have to verify those types of things just to make sure that, you know, you would then recently obtain a new loan and, you know, that could mess with your ratios as far as qualifying for the loan. So we've had quite a few situations where we've had, you know, gift funds involved or half that. Even if you're borrowing from, let's say, a 401K for example, and you take a loan against that, we have to show the funds coming from that 401 k account, showing the withdrawal and then showing what account that it got deposited into at your financial institution. So, not trying to be nosy but we have to obviously follow all those underwriting rules and make sure that we get all those verifications done, and follow the paper trail basically.

- You bad. Yeah, I know when obviously in today's world with mortgage and stuff, you know, things do get tightened up a little bit more. Good, bad or otherwise I think it has helped the housing market kinda stay strong and not fall into the problem that we had 10, 11 or 12 years ago. So

- Yeah.

- Just some different rules that we have to follow and I know it's not always fun, more paper work but it helps get you into your dream home and that's what we have to do. So

- Yeah. And we try to tell people in advance too, you know, if we know that they're getting funds gifted, we try to start that process early so that we're not scrambling at the last minute to get all those verifications. So, the sooner we know the better too.

- You're bad. You're bad. Alright, good information. That is this week's Monday morning mortgage tip. We'll be back again next week with a new one for you. Dani, thanks again for dropping on, doing this. Hopefully I can get some fun plans here for the rest of the day and enjoy the rest of your week. So, thanks again. I'll talk to you later.

- Bye.


Thinking of selling and/or moving to Brookings, Volga, or any surrounding areas? Got questions? I’m here to help! Visit BrookingsHomeTeam.com for more details!

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