Should You Move Money Around During The Mortgage Process

Dated: 01/08/2020

Views: 26

Image title

So let's say you've got a few different accounts.

You've got your main household checking account.

You've got your personal checking account.

Then there's your savings account.

And don't forget your money market account.

When you're applying for a mortgage, the bank is going to want to see your bank accounts. They might be OK with just the household checking account though. So, you go about your business and live your life.

But, you want to buy furniture for the new house so you transfer $5,000 from your money market account to the household checking account.


The bank is going to see that transfer and want to know immediately what it's from. They're probably going to need to see the money market statement. And on and on and on... it's like they suspect us all of using drug money to buy houses 🤦

So, if you're in process of getting a mortgage, maybe check with your lender before moving the money around.

Blog author image

Heather Wright

In the competitive Des Moines market, Heather Wright combines client-focused service, innovative marketing techniques, and a decade of experience to make sure that your buying or selling experience is....

Latest Blog Posts

Granite Or Quartz

If you had to choose between granite or quartz, which would you choose?Or, maybe you're wondering what the difference is?Granite counters are mined from pure stone. The stone is sawed into slabs or

Read More

Zillow Is Not Your Realtor


Read More

When Not To Co Sign

This is definitely a DON'T. Or, at least a "ask your mortgage loan officer first!"You probably think it's no big deal to co-sign a loan for your daughter's first car.But, when you're in process of

Read More

When To Apply For New Credit

If you're buying a house, and you're closing next month on the 15th, should you open a charge account at Lowe's to buy your new stainless steel kitchen appliances?NO.What about a financing a 9 piece

Read More