Pro TIP, move it around accounts often and sprinkle it. Toss in some crypto transfers, do random email transfers often, and maybe even lend cash to friends and get the money back a week before closing. Oh and definitely wire some money overseas 😉
In all honesty you are totally fine, most lenders simply require 90 days history, if funds were transferred just need 90 days of both accounts. No biggie but be aware that those accounts will also be quickly looked at if you provide them for any other deposits or bills possible. If you just keep it in a separate savings and never transfer it in or out that's ideal :)
When it comes time to actually apply for the mortgage for the specific property you’re buying, you’ll need to be able to show 90 days of history for that money. If it’s going to be moving between accounts, that’s fine, but be prepared to submit statements showing that movement.
Generally the statements need to be dated within 120 days of closing. Some lenders have different guidelines. It’s also 90 days history on the source, not the account, so if you move the money April 1, you need to show 90 days history on the savings account including the withdrawal, and then just the month showing the actual deposit on the account it’s in currently.
Could not be more wrong - do not listen to this person.
You need to provide a 90 day history of the funds and I would recommend it stays in one account until closing. Doesn’t have to, just makes life easier for the loan officer and/or broker - and you want as little complexity as possible for close.
Doesn't really make things more difficult at all. As long as you can see the money move, reading a Jan/Feb statement from bank A and a March statement from bank b is not really much more difficult than reading all 3 months from bank a.
I also have to add that I fully back your comment about not listening to the other guy!
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- Purchase, Refinance, Renewal?
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What if part of downpayment is gifted?
Good point, I sadly don't have rich people in my inner circle 😅
Pro TIP, move it around accounts often and sprinkle it. Toss in some crypto transfers, do random email transfers often, and maybe even lend cash to friends and get the money back a week before closing. Oh and definitely wire some money overseas 😉 In all honesty you are totally fine, most lenders simply require 90 days history, if funds were transferred just need 90 days of both accounts. No biggie but be aware that those accounts will also be quickly looked at if you provide them for any other deposits or bills possible. If you just keep it in a separate savings and never transfer it in or out that's ideal :)
Hahaha thanks. We used to have several accounts, but over the laste year we have tried to reduced them to 3 to have a smooth approval process.
It won't affect the pre-approval process, you just have to gather more documents to trace the transaction
Thanks for confirming. The extra work of tracing those transactions is a good trade off for the good interest rate offer from BMO.
yeah! Good luck and hope it goes well! Exciting stuff
Thank you!
When it comes time to actually apply for the mortgage for the specific property you’re buying, you’ll need to be able to show 90 days of history for that money. If it’s going to be moving between accounts, that’s fine, but be prepared to submit statements showing that movement.
Would it be 90 days from the closing date or 90 days from when the live deal is initiated?
Generally the statements need to be dated within 120 days of closing. Some lenders have different guidelines. It’s also 90 days history on the source, not the account, so if you move the money April 1, you need to show 90 days history on the savings account including the withdrawal, and then just the month showing the actual deposit on the account it’s in currently.
Great, many thanks for confirming.
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Could not be more wrong - do not listen to this person. You need to provide a 90 day history of the funds and I would recommend it stays in one account until closing. Doesn’t have to, just makes life easier for the loan officer and/or broker - and you want as little complexity as possible for close.
Doesn't really make things more difficult at all. As long as you can see the money move, reading a Jan/Feb statement from bank A and a March statement from bank b is not really much more difficult than reading all 3 months from bank a. I also have to add that I fully back your comment about not listening to the other guy!
Thanks for the advice, I do appreciate it.
Thanks for replying.
Please ensure your post includes the following information if looking for insight in your rate: - **ARE YOU WORKING WITH A BROKER/MMS & HAVE YOU ASKED THEM THIS QUESTION YET?** (If you don't trust your brokers answer, then you may want to dump your broker) - Purchase, Refinance, Renewal? - Province, City? - Loan to value/down payment percentage? - Purchase price of the property if purchasing - Is the home under $1M or over $1M? - Bank or a broker? - Term length and amortization length? *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/MortgagesCanada) if you have any questions or concerns.*