Author Topic: mortgage lender bank asset questions  (Read 1455 times)

Offline peace123

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mortgage lender bank asset questions
« on: November 23, 2021, 08:44:06 PM »
I am in home loan process pending underwriter decision. I received a one time $4k wire transfer from family member last month  on my checking account and the loan company will see this and will grill or ask me what this amount is. Will this $4k count as an asset or no? What is the best response to them when they ask me about the $4K  wire transfer deposit on my checking account? Is it better to say" a friend  paid this back to me  after he borrowed  $4k from my few years ago"? Or "a family member gave this as a gift to me"?

Thanks

Offline whacked1

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Re: mortgage lender bank asset questions
« Reply #1 on: November 23, 2021, 09:03:58 PM »
If its a primary residence you are allowed to receive gifts

Offline yesitsme

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Offline peace123

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Re: mortgage lender bank asset questions
« Reply #3 on: November 25, 2021, 01:26:14 PM »
My wire transfer was from Canada  for around $4k. If I tell my lender that this is a gift from family member , won’t they ask for some letter or sworn statement or something like that ? Is it easier if I tell my lender that this was a money that was borrowed from me many years ago and this was paid back to me via bank wire transfer?

Offline whacked1

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Re: mortgage lender bank asset questions
« Reply #4 on: November 25, 2021, 09:22:31 PM »
My wire transfer was from Canada  for around $4k. If I tell my lender that this is a gift from family member , won’t they ask for some letter or sworn statement or something like that ? Is it easier if I tell my lender that this was a money that was borrowed from me many years ago and this was paid back to me via bank wire transfer?
Gift is way easier (IME). Loan they will ask for the same info, ie show the 4k being wired to said individual.

Offline peace123

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Re: mortgage lender bank asset questions
« Reply #5 on: November 25, 2021, 09:41:20 PM »
Gift is way easier (IME). Loan they will ask for the same info, ie show the 4k being wired to said individual.
The $4K I received is already wired in to my checking account and the lender can see it. It was wired from Canada and Canadian bank to my Chase bank account. That's why I am saying they will ask about this.They will ask what this is and if this is a loan or something. I am wondering if I should just tell them it is a money paid back to me by someone who I lent it some years ago?
Or if I tell them it is a gift then they will ask about a letter or something saying it is a gift. It was given to me by my family member.

Offline whacked1

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Re: mortgage lender bank asset questions
« Reply #6 on: November 25, 2021, 09:45:21 PM »
The $4K I received is already wired in to my checking account and the lender can see it. It was wired from Canada and Canadian bank to my Chase bank account. That's why I am saying they will ask about this.They will ask what this is and if this is a loan or something. I am wondering if I should just tell them it is a money paid back to me by someone who I lent it some years ago?
Or if I tell them it is a gift then they will ask about a letter or something saying it is a gift. It was given to me by my family member.
I understand your concern. However, if you say a loan, the bank can ask to see the original money leaving your account years ago (when you allegedly lent that money). If you say a gift, they "may" ask for a gift letter. Its a standard form that just needs a scribble for a signature. $4k isnt that much money, I dont think you should worry about it that much. 

Offline peace123

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Re: mortgage lender bank asset questions
« Reply #7 on: November 26, 2021, 04:44:33 PM »
I understand your concern. However, if you say a loan, the bank can ask to see the original money leaving your account years ago (when you allegedly lent that money). If you say a gift, they "may" ask for a gift letter. Its a standard form that just needs a scribble for a signature. $4k isnt that much money, I dont think you should worry about it that much.
it was sent by my relative, an old person to help me with the new home purchase so I can't bother her to write some gift letter to be mailed from Canada. Maybe I can write something myself pretending to be the sender to show to my lender  and if they need still to verify, I will give them the canadian number to call?

Offline JACKBLUE

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Re: mortgage lender bank asset questions
« Reply #8 on: November 27, 2021, 10:18:47 PM »
it was sent by my relative, an old person to help me with the new home purchase so I can't bother her to write some gift letter to be mailed from Canada. Maybe I can write something myself pretending to be the sender to show to my lender  and if they need still to verify, I will give them the canadian number to call?
I don’t think they will ask you anything about it, and if they do you type up a letter with that persons names and you sign off that persons name, they only need it for their files they’re not going to call that person and ask questions.