Limitedslip7 Posted June 19, 2018 Report Share Posted June 19, 2018 I have a chunk of change set aside for a house down payment that is just sitting there depreciating in my checking account. My credit union offers a decent interest rate on a portion of it but nothing on the rest and the only other option for earning interest through the credit union is a CD. Would it be a good idea to park the rest of it in an online savings account until I find something to buy? I can get 1.75% online but I'm not sure how mortgage lenders would view a large transfer back to my credit union right before the purchase. Anyone have any experience or recommendations? Quote Link to comment Share on other sites More sharing options...
Geeesammy Posted June 19, 2018 Report Share Posted June 19, 2018 In my experience so long as you have the paperwork showing when and where the money went with a legit explanation it isn't an issue. I had far "sketchier" stuff going on but had explanations and paperwork so it was kosher. Quote Link to comment Share on other sites More sharing options...
mmrmnhrm Posted June 19, 2018 Report Share Posted June 19, 2018 If you've had the cash for less than a year or two (I forget exactly how far back Marc needed me to go), as long as you can show where the money came from (wages, gifts, inheritance, etc.) and how it shifted around, there shouldn't be any problem. If you've had it longer than that, then just existing on the initial statements and moving from shit checking, to savings, and back, will be sufficient. Quote Link to comment Share on other sites More sharing options...
RC K9 Posted June 19, 2018 Report Share Posted June 19, 2018 Just tell them you recently invested in a dispensary in Colorado and those monies are your share of the profits. Quote Link to comment Share on other sites More sharing options...
Turbs3000 Posted June 20, 2018 Report Share Posted June 20, 2018 How long before you plan to use it? In my oppinion the answer to your question is no, the lender doesn't care as long as it's not cash. Transfers from other accounts in your name are all allowed they will just want to see that those funds have been in the account for x period of time. If you are talking about buying a house in the next 6 months it may not be worth the hassle but the best open is probably an investment account. At least that way you could grow at 1-2% per month instead of per year. Sent from my SM-G928V using Tapatalk Quote Link to comment Share on other sites More sharing options...
coltboostin Posted June 20, 2018 Report Share Posted June 20, 2018 The large transfer as fine as long as you paper trail it. Quote Link to comment Share on other sites More sharing options...
CRed05 Posted June 20, 2018 Report Share Posted June 20, 2018 The large transfer as fine as long as you paper trail it. This. I did the same thing and I just had to type out a letter of explanation. Quote Link to comment Share on other sites More sharing options...
Limitedslip7 Posted June 20, 2018 Author Report Share Posted June 20, 2018 The money has been in my account for quite a while but I don't have a definitive date on when I'm going to use it. Might be two weeks from now or might be two years. Waiting for the right house to pop up. I'd just like it to keep up with inflation if possible, although I know it's not with the way house prices are going... Quote Link to comment Share on other sites More sharing options...
o0n8 Posted June 20, 2018 Report Share Posted June 20, 2018 If you are talking about buying a house in the next 6 months it may not be worth the hassle but the best open is probably an investment account. At least that way you could grow at 1-2% per month instead of per year. Any short-term investment like that would risk losing principle so he could in turn lose 1-2% per month or more. Quote Link to comment Share on other sites More sharing options...
Sparky Posted June 22, 2018 Report Share Posted June 22, 2018 There is no issue with online savings accounts from a mortgage prospective. You can gather transaction histories all the same. Quote Link to comment Share on other sites More sharing options...
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