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This is the biggest frustration. To you and me both.
Can you stop it with the 7-8 bank accounts with a sum total of five grand between them all?
And stop moving money around like you're Warren Buffet.
Get ALL the funds necessary into ONE checking account THREE months before you close, so you are submitting ONE account statement (2 month history) to your Lender with ZERO large deposits.
This is the biggest frustration. To you and me both.
Can you stop it with the 7-8 bank accounts with a sum total of five grand between them all?
And stop moving money around like you're Warren Buffet.
Get ALL the funds necessary into ONE checking account THREE months before you close, so you are submitting ONE account statement (2 month history) to your Lender with ZERO large deposits.
I JUST had this conversation with my sister whose financing fell through after failing to disclose a couple of accounts she had "forgotten" about because she had SO DAMN MANY. There were freebies with opening each one and a credit card attached to one. Totally spaced that she had it. It had a $38 balance that was sent to collections after she moved and they couldn't find her.
People just don't know how to position themselves for a mortgage.
The issue isn't the number of accounts.
The issue is the lack of preparation and organization that trips up wannabe borrowers.
Combine that with someone who is on the qualifying bubble anyway, and you have a recipe for disaster.
I've got two accounts for now. Just moving funds from my spending account into my savings account and plan on using my savings account for the downpayment. Is this ok?
I've got two accounts for now. Just moving funds from my spending account into my savings account and plan on using my savings account for the downpayment. Is this ok?
Both are different banks.
Talk to your loan officer
Your loan officer should be your "financial partner" until you get the keys to your new home.
I get the frustration. My first email to a borrower is what not to do when getting a mortgage I beg the borrowers to please read that email. A few think they are above reading it, or think guidelines do not apply to them. THIS year, actually, within a few months of each other. One was salvaged, the other lost their deposit.
The first came up with a plan to pay off his credit cards. So without calling me, he paid them off and then took out a signsture loan from the Lending Club. Had he reversed the order, he would have been fine. He surrendered his EMD.
The second borrower had a gift for down payment. Part of the EMD was a check, tied to a Citibank credit card. Fortunately, it was only for $3000 (on an 800K sales price was 5% down). We were able to show assets above and beyond the 3K, but not with a whole bunch left over.....made it by the hair on our chinny, chin, chin. Loan closed last week.
Just from a management standpoint, I never understand this. I have three accounts through the same credit union- checking, savings (only keep $500 for a quick emergency), and a high-yielding savings account. I have only one account number for all three. My money is in the high-yielding account. I have it set up so it is not accessible from an ATM and overdraft protection is turned off. I used to have overdraft on until someone got my debit card number and bought a ton of shoes from Zappos (seriously, lol) and I had to wait a couple of weeks to get all of my money back. Lesson learned. No more overdraft! The $500 in the regular savings can be over drafted and accessed by ATM in an emergency. I can transfer from the high-yielding account from my phone, so I should never have any issues. I don't get why people make it more complicated. But I look at CDs and closing conditions all day long, so I know how complicated people make things. And, scarily, I only deal with files that are closing! I can't imagine what y'all see from those denied!!!!
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