According to Maine Listings, the statewide median sales price increased 1.07 percent to $151,500. The median sales price indicates that half of the homes were sold for more, and half sold for less. Realtors sold 593 homes in February — a sales dip of 4.97 percent.

York County saw 383 units sold in the rolling quarter period of Dec. 1, 2012, to Feb. 28, 2013, up 14 percent from the 336 units that sold in the same period a year earlier. The median sales price was also up in the county, rising 12.4 percent to $208,000, up from $185,000 in the 2011-2012 quarter.

Cumberland County, the state’s largest county, saw 497 sales in the rolling quarter, a 4.6 percent increase from the 475 sales in the period a year earlier. The median sales price was $214,000 for Dec. 1, 2012, to Feb. 28, 2013, up 2.4 percent from the $209,000 a year earlier.

Nationally, sales in February were 8.7 percent higher than the same period 12 months ago. The National Association of Realtors reported an 11.3 percent jump in the national median sales price to $173,800. Prices in the Northeast continued to rise; statistics indicate the regional Northeast MSP is up 7.6 percent to $238,800. Single-family existing home sales in the Northeast increased 8.6 percent.

“After an extended period of relatively mild weather, winter came roaring back to Maine in February,” said Bart Stevens, 2013 president of the Maine Association of Realtors and owner/broker with Century 21 Nason Realty. “The snowed-in environment just wasn’t conducive to home sales in most areas of the state.”

Despite the technical rigors of qualifying for a loan today, there is something more ominous lurking in all mortgage applications that most consumers wouldn’t think twice about. Specifically, we’re talking about the eligible funds for the mortgage transaction. You might have the money in the bank, but it isn’t that simple. A lender will still want to know who the funds belong to, and how the money got there. And if you can’t document these things, your mortgage could get delayed — or denied.

Bank Statements Don’t Reveal the Whole Picture

Bank statements show the funds in your account, but whether these funds are legitimate is another question entirely. And cash deposits that are inconsistent with your banking history will be under the lender’s magnifying glass. In fact, cash deposits cause more problems and scrutiny for consumers trying to secure mortgages today than any other credit item. So let’s take a look at the typical scenarios homebuyers need to be ready for when documenting their cash in the bank.

If any deposit is more than 25% of your monthly income…

Then monies will have to be sourced with a clear letter of explanation, or a potential gift letter if the money came in the form of a gift, along with a statement from the person gifting that money showing they had the ability to do so.

If any deposits are less than 25% of your monthly income…

Then these funds can be used in the loan transaction, although the consumer may be asked to explain where the funds originated. However, no paper trailing will be required.

If cash is from a side job or any other exterior source other than your occupation…

Then — if it is needed for the mortgage transaction — that money will have to be “seasoned” for a period of 60 days, meaning those funds are ineligible for use toward the mortgage until two statement cycles have passed. Then those funds will be eligible.

If a deposit is a gift…

Then the person giving the gift needs to show on paper a clear ability for them to gift money to the recipient. In other words, a friend of the person giving the gift can’t make a deposit in the giftor’s account without getting a clear and concise explanation, including a gift letter and subsequent paper trail with bank statements showing where the funds originated and where the funds ended up.

If additional reserves are needed, e.g. two months’ worth of mortgage payments liquid in the bank (which is typically what’s needed)…

Then consumer must meet the 60-day seasoning requirement, unless the funds are from paychecks in the normal course of pay periods.

How This Mistake Could Cost You

Should any one of these situations occur, plan on a longer escrow followed by a longer interest rate lock. The longer a transaction takes, the higher the cost. Circumstances like gathering together financial documentation at the last minute, sourcing monies and/or getting contractual purchase contract extensions, which often run as high as $100 per day for every day the transaction does not close on time, are all examples of how important timing is in procuring loan approval.

It is in the consumer’s best interest to handle the paper trailing concerns and credit characteristics with the lender upfront, so it doesn’t become an issue later on when loan contingencies need to be removed or when the refinance slated to close is delayed because an updated statement shows deposits inconsistent with the consumer’s income.

See more on Credit.com:
The First Thing to Do Before Buying a Home
Why You Shouldn’t Obsess Over Mortgage Rates
3 Things That Can Stop a Mortgage in Its Tracks

More on AOL Real Estate:
Find out how to calculate mortgage payments.
Find homes for sale in your area.
Find foreclosures in your area.
Find homes for rent in your area.

Follow us on Twitter at @AOLRealEstate or connect with AOL Real Estate on Facebook.

• 30YR FIXED – 3.75%, 3.625% coming back into view
• FHA/VA – 3.375-3.5% (varies more between lenders than conventional 30yr Fixed)
• 15 YEAR FIXED -  3.00%, 2.875% coming back into view.
• 5 YEAR ARMS -  2.625-3.25% depending on the lender

Ongoing Lock/Float Considerations

• Rates have risen moderately but consistently since hitting their all-time lows in September and October 2012.
• Regardless of global or domestic economic weakness, the subsiding fear of a disorderly EU breakup will continue to prevent rates from getting back to those lows.
• This is very likely to be the case unless a similarly panic-inducing event were to come into focus, or if a disorderly break-up regained the spotlight.
• Sequestration, negative growth, and generally choppy political and economic environments around the world DO NOT constitute that sort of panic.
• This is a “rising rate environment” until further notice, though pockets of recovery and consolidation can provide smaller-scale opportunities against the larger-scale backdrop.
• (As always, please keep in mind that our talk of Best-Execution always pertains to a completely ideal scenario.  There can be all sorts of reasons that your quoted rate would not be the same as our average rates, and in those cases, assuming you’re following along on a day to day basis, simply use the Best-Ex levels we quote as a baseline to track potential movement in your quoted rate).