Question about Pre Approval Funds?

[Anonymous]

  Hello All,

I will be going to a few lenders this month to obtain a mortgage pre approval, currently I am putting about 80% of my paycheck into savings to satisfy a down payment and build my cash reserves/emergency fund. My checking is left with just enough to pay my current bills; my question is will the loan officer ask why so little is currently in checking? Should I make sure I have more funds in checking enough to make an estimated mortgage payment amount? No sure what to, but I really want to put as much in reserves/emergency fund as possibly because I know once I have a mortgage I will be putting no where near the same amount into savings.

Thank You,

Carl

[Anonymous]

I was told by my lender that it doesn't matter which account the money is in, they just look at  the combined amounts in both accounts. I suppose each lender might be different though.

[Anonymous]

Actually the fact you are saving like that and can document that with statements from your savings account shows good discipline to the u/w and will be looked upon favorably. Shows great ability to budget and manage money well.

Good job and good luck.