Posted on: 03rd May, 2011 09:10 pm
I had deposited a a large amount from a pension loan prior to going through the whole mortgage thing. Now the underwriter wants to know where the money came from. will this disqualify me from getting the mortgage.
Hi urbanknight,
You should let the lender know about the source of the money. I don't think the lender will disqualify you from getting a mortgage.
Thanks
You should let the lender know about the source of the money. I don't think the lender will disqualify you from getting a mortgage.
Thanks
Underwriters are very picky about cash and deposits. General rule of thumb when obtaining a mortgage is: 1. dont quit or change your job 2. dont run your credit 3. dont make large deposits 4. dont move money around 5. dont purchase anything...The underwriter will not accept money that cannot be sourced, more so on a large deposit. If it was from pension, you should be able to show the money in your pension, then show the paper trail of the withdrawl and the deposit into your checking. Good luck
