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Look up “seasoned funds”. Banks learned long ago that they need to trace the source of funds and confirm they’ve been in possession of the person for a long tim
by PragmaticPulp 5y ago
Look up “seasoned funds”. Banks learned long ago that they need to trace the source of funds and confirm they’ve been in possession of the person for a long time before assuming it’s actually theirs. Otherwise people would get ultra-short loans from friends and family or even other moms and pretend it was their own.
- wumpus 5y agoThe one time I got a mortgage, I was saving an unusually high % of my salary. After the mortgage company got a look at my bank account, they were nervous that I was possibly getting extra money from somewhere, and demanded a larger downpayment. Fortunately, I was able to hit that number by continuing to save at the same rate. As they say: don't be unusual.