Where to keep downpayment

[Anonymous]

I have been putting extra money into a savings account for a down payment. Is it best to keep that money in a separate savings account or should I transfer it over into checking? I will be applying possibly as early as Feb so I need to get the money where it needs to be within the week before my December checking/savings account statements are generated. I am applying for a mortgage by myself and my husband is on all of our bank accounts if that makes any difference.

[DallasLoanGuy]

you can keep doing what you are doing.

if you transfer to checking and we see it.... we will just want to document that. 

so if you transfer to checking now and we see it. we will need 2 months of statements on the savings prior to the transfer to see where that money came from.

best to keep doing what you are doing naturally

[Anonymous]

Ok, thanks! When it's time to do the wire transfer at closing can I wire the money directly from savings or would I need to move it over to checking right before closing?

[DallasLoanGuy]

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@Anonymous wrote:

Ok, thanks! When it's time to do the wire transfer at closing can I wire the money directly from savings or would I need to move it over to checking right before closing?

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that is a bank question. we lenders wont care

[Anonymous]

Ok, so once they give the clear to close I'll be free to move the money around as needed?

[DallasLoanGuy]

yeah. just talk to the loan officer and make sure.

if you get a clear to close and the statement cuts the next day.... then be prepared to document.

THAT is why i want you to keep the money where it needs to be.

once you get a FINAL CD then go to bank and wire money. they can wire from more than one account. 

just act naturally... it will all fall into place

[Anonymous]

Thanks for the help!

[Anonymous]

I just went thru this. My d.p. was combilo btwn savings and checking. I wired directly from savings