CRH and Mortgages

[SilverForBrains]

Interesting article on how "tight" and "nosey" mortgage lenders can be

How a Yard Sale Puts Your Mortgage Application At Risk - TheStreet

They state "Don't open new accounts, says HSH, and don't move money from account to account without a really good reason. Most important, don't deposit sizable amounts of cash unless the source can be well documented. If you sell something, get a receipt."

I routinely break every piece of this advice, and I'll be looking for a house in a year or two. Any one on here every been denied a loan due to their CRH activities?

Although I must admit, the article also says "So what's the borrower to do? After ranting and raving, writing your congressman and tearing out your hair, you'll probably just have to cave in and furnish any information the lender wants," Which makes me think it was written by a mortgage lender LOL

 

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[CC-Hunter]

I've seen mortgage lenders get concerned over a big deposit that doesn't clearly tie to your income. The concern, I think, is that you borrowed the money, and the lender wants all of your loans disclosed. I can't see a bunch of relatively small withdrawls and deposits raising any issues. Absolute worst case you just tell your loan officer what you are doing. They probably just need some explanation for your file.

 

[GlenDronach]

I actually started CRH'ing about 5 months before I bought the house as a way to build up some extra $$ for the down payment. I got called in for a meeting a couple months in, over my changes in money flow. I just kept it all cash after that, and visited banks that didn't record coin-cash transactions. I talked with the mortgage broker and he said it was not an issue. Put in the money after approval, a few days before closing, and that was that.

I just counted it as available cash- provided a statement before I withdrew all of it.

 

[CoinFetcher]

Good thread.

Didn't stop me. I closed in June!

 

[canaboy123]

Thank me i own my house.

 

[SilverForBrains]

Thank me i own my house.

ummmm, thanks?

 

[SilverForBrains]

Good thread.

Didn't stop me. I closed in June!

Congratulations!

CC-hunter you're right, straight exchange is the way to go, that's the way I always do it but some BoA branches make me swipe my card. I have some other great banks that just do straight exchange, all off the books. It looks like I have no money though because I CRH with it all lol