In real life, we all get excited when we receive money in big chunks instead of piecemeal income, right?
Unfortunately, in the mortgage world large deposits are one of the “red flags” that wreak havoc on any otherwise (perfectly clean) loan application.
Common sense says that a lender should be more concerned about an applicant’s OUT-go, the money that you spend; rather than your IN-come… the money that comes into your world. However, since lenders can get a pretty good idea about your OUT-go by reviewing your credit report, they don’t really care too much about the spending habits that your bank statements might reveal.
In the mortgage meltdown that started in 2007 audited files on defaulted mortgages revealed that many large deposits in borrowers accounts were not actually “good” funds. That is, oft times, it turned out that
In this blogpost from one of the most successful mortgage banks in the country, they provide detail on the specific criteria that might cause your file to be “flagged” for potential issues.
At Synergy Financial, we have many decades of experience and we’re sure to keep current on all of the new rules and current issues that might cause snags in the loan process… and we make sure that we address any concerns like this as soon as possible.
Always feel free to reach out to us if there’s anything on your mind. Remember, over 90% of our business comes from introductions from our current clients and the only way that you will introduce to the people that you care about is – if you feel comfortable working with us.
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