Pre-closing Error: Large Bank Deposit Causing Delay
A couple buying a seller’s home deposited $8,000 in cash into their checking account three days before closing. Their father had given them money to buy new furniture and appliances for the house. Their mortgage company checked balances the day before, and it was “dinged,” as it required a gift letter. The father had just gone to Michigan for a hunting/fishing trip, and no one could reach him. This delayed the closing by two weeks. If you are making a big deposit, or getting gift money from a relative, make sure to talk to your loan officer about it as far in advance as possible. Even "mattress money", i.e. saved cash that is deposited into an account has to be "aged" or it will throw up red flags for closing. Once again, consult with your load officer.
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