Home Buying Advice - Moving Money Around
Why you shouldn't move money around during the mortgage application process.
Moving Money Around
As part of the loan review application process the lender checks to make sure that you have the funds for a down payment and other costs. They do this by looking through bank and other financial statements provided by you. If you have not been moving money around those accounts then this is a straightforward process, but if you have been moving around then this becomes more complicated. The lender will have to track all the deposits and withdrawals to form an audit trail so they can be sure that you have the necessary funds.Return to Home Buying Advice