Don’t
Move Money Around
When a
lender reviews your loan package for approval, one of the things they are
concerned about is the source of funds for your down payment and closing
costs. Most likely, you will be asked to provide statements for the last
two or three months on any of your liquid assets. This includes checking
accounts, savings accounts, money market funds, certificates of deposit,
stock statements, mutual funds, and even your company 401K and retirement
accounts. Equestrian
property for sale in Boise.
If you have
been moving money between accounts during that time, there may be large
deposits and withdrawals in some of them.
The
mortgage underwriter (the person who actually approves your loan) will
probably require a complete paper trail of all the withdrawals and
deposits. You may be required to produce cancelled checks, deposit
receipts, and other seemingly inconsequential data, which could get quite
tedious.
Perhaps you
become exasperated at your lender, but they are only doing their job
correctly. To ensure quality control and eliminate potential fraud, it is
a requirement on most loans to completely document the source of all
funds. Moving your money around, even if you are consolidating your funds
to make it "easier," could make it more difficult for the lender to
properly document.
So leave
your money where it is until you talk to a loan officer.
Oh…don’t
change banks, either.
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Homes for sale 
