Posted on: 05th Sep, 2011 10:19 pm
Hello… I have a query regarding funds in my account. I had sent a proof of $6k in my bank account to the loan officer and underwriter. I recently received some money and now I want to take out those funds. So, if I withdraw the money now from my account, will it affect my chances of getting a loan?
Hi Barry!
Welcome to forums!
Well, as far as I know, the lenders are mainly concerned about big deposits and not much about withdrawals. If you need $6k to close, make sure you leave that much amount in the account and withdraw the rest of money. However, it is always better to keep some extra money in the account apart from the money you need to close the loan. In case of a sudden requirement during the loan closing, this extra money can be of great help to you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Well, as far as I know, the lenders are mainly concerned about big deposits and not much about withdrawals. If you need $6k to close, make sure you leave that much amount in the account and withdraw the rest of money. However, it is always better to keep some extra money in the account apart from the money you need to close the loan. In case of a sudden requirement during the loan closing, this extra money can be of great help to you.
Feel free to ask if you've further queries.
Sussane
Lenders do vary on how they assess their borrower's credit worthiness so we can't really tell if it can affect your loan application. What is important is that you have good credit scores and able to prove your income, liabilities and residency. Those that I just mentioned are the common things that lenders do usually look at seriously. However, if you want to be sure, why not consult for your local mortgage broker and let them give you a hand on getting great deals with your loan without getting into trouble.
When applying for a loan, there are several things you should take into account, kinda like a do not do list: Dont run your credit, dont go out and purchase anything, dont change jobs, or work less hours, dont make large deposits that cannot be sourced, dont make cash deposits ever, as they cant be traced...With removal of funds, you are ok, but as previous poster said, you want to make sure you have the funds in the account for closing. You will need to provide another most recent bank statement, as well as prof you had the funds in your account at time or wire to escrow. Good Luck
I am sure there is a reason we do not know about, but, it does not sound very logical that you recently received funds, so, now you want to take out funds.
It would seem more logical that you recently received funds and you want to deposit them and may have a concern about being able to explain where those newly acquired funds came from if the lender saw a large deposit and wanted it explained.
If you want to take out the funds to give back to someone, give them back the newly acquired money, not money from the account.
Other than that, as Chris noted above, if the lender ever asks for another account statement before closing and you have taken money out of the account, you may be caught and caused a problem. You need to ask and understand from the Loan Officer when and if and under what circumstances will you have to provide another statement.
All that being said, whatveer you want and need to do, try to wait until after closing.
It would seem more logical that you recently received funds and you want to deposit them and may have a concern about being able to explain where those newly acquired funds came from if the lender saw a large deposit and wanted it explained.
If you want to take out the funds to give back to someone, give them back the newly acquired money, not money from the account.
Other than that, as Chris noted above, if the lender ever asks for another account statement before closing and you have taken money out of the account, you may be caught and caused a problem. You need to ask and understand from the Loan Officer when and if and under what circumstances will you have to provide another statement.
All that being said, whatveer you want and need to do, try to wait until after closing.
