Originally Posted by
jimbaum
What do you think is the best explanation for a loan officer looking at AP deposits. Not only would he ask about the $1000, but other smaller ones that show up in my other accounts would need a 'blanket' explanation what AP is all about.
It may be crazy, but the short, simple truth might be good: "Those AP deposits are how I earn a lot of airline miles without spending any money. This lets me travel for free." As long as the card isn't issued by the bank doing your refi, I think the LO might respect what you're doing.
Although, for the 3 times I've worked with an LO, they generally care about income vs. expenses, so they likely won't care about the nitty gritty details. All they really care about is that your $1k/month out and $1k/month in are stable and won't become $2k out and $0 in.