If you are in the midst of a home purchase or refinance, I have a quick tip for you: just as you should avoid making any large purchases, avoid making any large deposits to your account, too. Even if you have been gifted money from a relative for your down payment, your mortgage lender will expect complete transparency when they look at your bank statements to ensure that you have the assets you claim to have. It might seem counterintuitive, but remember that a lenders job is to make sure that you will be completely secure in your mortgage loan. If they see discrepancies in your account and application, they may take a second look and request documentation. At the end of the day, it is one more issue that could potentially delay the loan processing and keep us from getting to closing day!
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