Urgent Help - Buying new home
Jan 4, 2016, 7:27 pm
#31
Join Date: Oct 2014
Posts: 827
i had something similar to the OP when doing a refi. i was passing $ around from acct to acct. when you submit your statements (CC, checking, saving, etc), they'll look for big $ amounts and then ask to see the source of that money (which invariably links to some other acct).
i think honesty is the best approach as others have posted. but, banks are more stringent nowadays...
i think honesty is the best approach as others have posted. but, banks are more stringent nowadays...
I don't, and if I had to get a loan and needed to present bank statements, it would have a high chance of becoming a PITA very fast.
Luckily I don't need a loan for anything in the foreseeable future.
Jan 4, 2016, 9:44 pm
#32
Join Date: Oct 2001
Location: South Florida, USA
Posts: 184
Jan 5, 2016, 7:08 am
#34
Join Date: Mar 2009
Location: DCA
Programs: FB Gold Privilege
Posts: 413
Been there done that. Just show money trail with all receipts.Paycheck ->Amex->VGC at CVS/WG/etc->MO->loan.
My underwriter didn't care at all, they need to see the trail. You will need receipts for everything, hopefully you didn't toss any.
I also have a checking account that I use for MS, the one my pay check goes to is spot free.
My underwriter didn't care at all, they need to see the trail. You will need receipts for everything, hopefully you didn't toss any.
I also have a checking account that I use for MS, the one my pay check goes to is spot free.
Jan 5, 2016, 7:13 am
#35
Join Date: Jul 2006
Location: NYC
Programs: DL PM, Marriott Gold, Hertz PC, National Exec
Posts: 6,736
Definitely be honest about it. Explain that you're using credit cards to buy VGC to buy Money Orders, and paying the mortgage with money orders, so that you can (in effect) earn frequent flier miles on your mortgage payments.
Jan 6, 2016, 12:23 pm
#36
Join Date: Feb 2014
Posts: 511
This should be a lesson for everyone to segregate MS activities from normal day-to-day as many suggest.
While this will likely not impact OP's refinance, it certainly has created a lot of headaches that really wasn't worth it.
I have a main bank account where all my paychecks and my mortgage/bills go. The cash flow looks exactly like what a non-MSer's account would look like. No questions.
All of my money order deposits/credit card MS billpay flow out of my other bank accounts (now five). These are voluntarily not disclosed during the mortgage/refi process, and aren't material anyway since it isn't where I have real income/expenses.
While this will likely not impact OP's refinance, it certainly has created a lot of headaches that really wasn't worth it.
I have a main bank account where all my paychecks and my mortgage/bills go. The cash flow looks exactly like what a non-MSer's account would look like. No questions.
All of my money order deposits/credit card MS billpay flow out of my other bank accounts (now five). These are voluntarily not disclosed during the mortgage/refi process, and aren't material anyway since it isn't where I have real income/expenses.
Jan 7, 2016, 6:33 am
#38
Original Poster
Join Date: Sep 2011
Posts: 268
This should be a lesson for everyone to segregate MS activities from normal day-to-day as many suggest.
While this will likely not impact OP's refinance, it certainly has created a lot of headaches that really wasn't worth it.
I have a main bank account where all my paychecks and my mortgage/bills go. The cash flow looks exactly like what a non-MSer's account would look like. No questions.
All of my money order deposits/credit card MS billpay flow out of my other bank accounts (now five). These are voluntarily not disclosed during the mortgage/refi process, and aren't material anyway since it isn't where I have real income/expenses.
While this will likely not impact OP's refinance, it certainly has created a lot of headaches that really wasn't worth it.
I have a main bank account where all my paychecks and my mortgage/bills go. The cash flow looks exactly like what a non-MSer's account would look like. No questions.
All of my money order deposits/credit card MS billpay flow out of my other bank accounts (now five). These are voluntarily not disclosed during the mortgage/refi process, and aren't material anyway since it isn't where I have real income/expenses.
Thank you everyone for helping me when I need. I am not sure how I would have handled this situation without you guys help. Thanks again.
Jan 7, 2016, 1:08 pm
#39
FlyerTalk Evangelist
Join Date: Jun 2004
Location: MSP
Programs: DL PM, MM, NR; HH Diamond, Bonvoy LT Gold, Hyatt Explorist, IHG Diamond, others
Posts: 12,159
Did you ever get clarification on what they meant by "where the money is coming from"? When I got mortgages, they just wanted to know that (1) I had the down payment money (in the bank already, or in a brokerage account) and (2) I had sufficient income to cover the mortgage. They didn't really care about how I moved the money around between accounts.
Jan 8, 2016, 8:35 am
#40
Join Date: Jul 2014
Posts: 92
In my family, we loan each other money quite frequently. It can be 10,000 or 2.00 or 20,000 or 5.00.............. My sister was buying a second house as a rental and wanted to do it with a mortgage. Her initial mortgage on her house was only like 30,000.00 and she had paid several years on it.... the rental was around 100,000.00 mortgage. Between her and her husband, they make around 165,000.00/year with pay stubs..................... Loan donkeys had issues with where the 800.00/month payment was coming from (me paying back 20,000.00 loan) even though she could clearly buy the house and her current mortgage could be paid off IN 1 YEAR from their working income alone!