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Urgent Help - Buying new home

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Old Jan 4, 2016, 10:32 am
  #1  
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Urgent Help - Buying new home
I am in the process of buying a new home. I also have an existing home which I am paying mortgage without any missed payments.

The payment for existing mortgage is done by Money Order every month. I buy VGC and then buy MO to pay for my mortgage. Now the loan processor is asking me to show the proof from where is money is coming from. I have been doing this for the last 1 year. Please help. What should I tell the loan processor?

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ramamosn
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Old Jan 4, 2016, 10:41 am
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Join Date: Apr 2015
Location: San Diego
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Originally Posted by ramamosn
I am in the process of buying a new home. I also have an existing home which I am paying mortgage without any missed payments.

The payment for existing mortgage is done by Money Order every month. I buy VGC and then buy MO to pay for my mortgage. Now the loan processor is asking me to show the proof from where is money is coming from. I have been doing this for the last 1 year. Please help. What should I tell the loan processor?

Thanks
ramamosn
How are you paying for the VGC's? I'm assuming a CC ... how do you pay the CC? I'm assuming a checking account?

Just show the LO your checking account balance and inform him that your preferred method of payment for your mortgage is MO's ...
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Old Jan 4, 2016, 10:48 am
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I am paying VGC thru AMEX credit Card and pay the credit card thru bank account.
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Old Jan 4, 2016, 10:49 am
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Originally Posted by ramamosn
I am paying VGC thru AMEX credit Card and pay the credit card thru bank account.
Exactly. So, do what I mentioned in my last sentence of my reply post above
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Old Jan 4, 2016, 10:57 am
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Originally Posted by ramamosn
I am paying VGC thru AMEX credit Card and pay the credit card thru bank account.
So the reason that you aren't telling this exactly to the loan officer is why?
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Old Jan 4, 2016, 10:58 am
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Should I tell the LO, I buy debit card using CC and then buy MO using debit card to pay the mortgage. Or should I phrase it something different?
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Old Jan 4, 2016, 11:07 am
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Originally Posted by ramamosn
Should I tell the LO, I buy debit card using CC and then buy MO using debit card to pay the mortgage. Or should I phrase it something different?
just be honest; then again, it comes down to how you handle yourself with strangers, etc.

But a LO is someone you probably don't want to lie to, as they are the ones attempting to get you a loan in the first place.

I had a Von's clerk tell me, "Damn, you must have a really good job to be buying all these GC's" and although I do have a good job, I still mentioned to her that "Well, I'm doing it for miles/points" and the bagboy looked at me and was like "Damn, that is smart"

Sometimes, honesty is the best policy
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Old Jan 4, 2016, 11:27 am
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Originally Posted by ramamosn
Now the loan processor is asking me to show the proof from where is money is coming from.
Originally Posted by memphian901
But a LO is someone you probably don't want to lie to, as they are the ones attempting to get you a loan in the first place
Is the LO asking ? Or the loan processor ?
Last edited by Alcibiades; Jan 4, 2016 at 11:34 am
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Old Jan 4, 2016, 11:31 am
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Originally Posted by Alcibiades
He already has the loan.
isn't it with the existing house?

OP is purchasing a new house and needs a loan for the new house.
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Old Jan 4, 2016, 11:36 am
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Originally Posted by Alcibiades
He already has the loan.
Perhaps the OP can clarify, but it appears to me that the OP has an existing mortgage, and is applying for another for a different property. The loan officer for the new loan is asking about how the payments on the existing loan.
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Old Jan 4, 2016, 11:44 am
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Originally Posted by djk7
Perhaps the OP can clarify, but it appears to me that the OP has an existing mortgage, and is applying for another for a different property. The loan officer for the new loan is asking about how the payments on the existing loan.
I already have an existing mortgage. Now I am buying a new home. The Loan processor is requesting this information by the request of Loan Underwriter.
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Old Jan 4, 2016, 11:50 am
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Yeah I would be honest with what you are doing. If necessary, you can probably show records of your Amex purchases of a VGC and also show you paying off your Amex legitimately.
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Old Jan 4, 2016, 11:51 am
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Originally Posted by ramamosn
The Loan processor is requesting this information by the request of Loan Underwriter.
The Loan Underwriter for the new loan you are trying to get contacted the Loan Processor of the loan you already have ?
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Old Jan 4, 2016, 12:18 pm
  #14  
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Originally Posted by Alcibiades
The Loan Underwriter for the new loan you are trying to get contacted the Loan Processor of the loan you already have ?
The loan underwriter needs this information for approving the loan. Since I don't contact the underwriter directly, the loan processor is asking for this information.
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Old Jan 4, 2016, 12:21 pm
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How would the loan processor for your new loan even know what tender you use to pay your current loan ? Is the loan processor for your new loan the same loan processor as your existing loan ?
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