Your Bank Statements Tell a Story: How Large Deposits Affect Underwriting With Travis Egan

Your Underwriter Will Read Your Bank Statements

Your bank statements tell a story, and your mortgage underwriter is going to read it. Travis Egan wants veterans and military families to understand how account activity can shape the loan process so nothing catches them off guard.

Why Large Deposits Raise Questions

Large deposits that do not match your regular income can trigger questions during underwriting. Lenders need to confirm that the money in your accounts is yours, that it was not borrowed, and that it came from an acceptable source. An unexplained deposit can slow down your file until it is documented.

Common Reasons for Large Deposits

Many deposits have perfectly normal explanations. You may have sold a vehicle, received an inheritance, or transferred money between your own accounts. Those transactions are not necessarily a problem. The lender simply may need documentation showing where the funds came from, such as a bill of sale, account statements, or estate paperwork.

Keep Your Records Before Moving Money Around

Before you move any money around, keep your records. Saving receipts, statements, and paperwork as transactions happen makes it much easier to answer an underwriter’s questions quickly. Talking with your loan officer before making a large transfer or deposit can help you avoid delays.

Have Questions About Your Loan?

If you are preparing to buy and want to know how your accounts will look to an underwriter, reach out to Travis Egan with your questions. He is here to help. Semper Fi.

Sources

VA.gov
BenefitS.va.gov
ConsumerFinancialProtectionBureau.gov
HUD.gov
Investopedia.com