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Put mattress money in bank before apply for mortgage?

Should I put "mattress money" I have saved to buy a home in the bank before applying for a mortgage?

Michael Jensen, Mortgage and Finance Guru
, Mortgage and Finance Guru

We recommend that you deposit "mattress money" at least three months before you apply for your mortgage. Lenders typically request that you provide three months of bank statements when you apply for a mortgage. If lenders see a large deposit on your bank statements with the source being "mattress money" that could create an issue and prevent you from using that money to buy a home in the near term. You want to handle your "mattress money" appropriately when you apply for a mortgage to prevent any delays

We should emphasize that "mattress money" policies vary by lender and we are seeing lenders become more flexible on the sources of borrower funds when they buy a home. We recommend that you contact three-to-four lenders to discuss their policies and also shop mortgages. Use our INTEREST RATES function to contact lenders in your area

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About the author

Michael Jensen, Mortgage and Finance Guru

Michael is the co-founder of FREEandCLEAR. Michael possesses extensive knowledge about mortgages and finance and has been writing about mortgages for nearly a decade. His work has been featured in leading national and industry publications. More about Michael

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