Why You Shouldn't Move Money Between Accounts Before Mortgage Closing

Buying a home? Before moving your down payment between accounts, consider the paper trail your lender may need. Lenders may request financial statements to verify your available funds and understand their source. The documents required depend on your situation and lender. When funds move repeatedly, your lender may ask for statements from more than one account to follow the transfers back to their source. A large deposit without a clear explanation can require more documentation. Gathering it near closing may delay verification. Keep supporting records handy. Transfers are not automatically a problem. Before making complicated moves, ask your broker what records to keep and how to prepare. Alberta Mortgage Solution can help you understand your next steps. Reach out before your next move.