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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.
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. |
