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We are currently in the middle of the mortgage process, scheduled to close around 1/26/2017. To get ready to move we are going through some of our items and selling things we don't use anymore (tools, electronics, etc.) If we use the cash we receive for this to pay down/off some of our outstanding debt prior to closing will that raise any alarms bells? Will we have to verify where the money came from or will they not worry about it since it is improving our DTI?
Thanks in advance
Keep the cash separate, don't deposit into accounts that you are using for your purchase, and don't pay off any debt unless specifically instructed by your LO. No need to rock the boat in the middle of buying your home.