When buying a home is on the horizon, even a well-intended money move can complicate the process. Combining savings, shifting funds between accounts or moving business money into a personal account can create questions just when you are ready to make an offer.
Rule of thumb: minimize unnecessary transfers about 60 days before house hunting, even before contacting a lender. Keep funds and records easy to follow. Once connected, follow your loan officer's guidance through closing.
Normal household spending and business operations should continue. Keep business funds easy to distinguish from personal funds, and ask before changing how money flows between them. A little guidance before the transfer can help prevent a documentation scramble when timing matters most.
Call your loan officer first.
Originally published in Lynas Weekly, Issue No. 2. Archived web edition.
Educational information. Not a loan approval, rate quote, commitment to lend, or individualized financial advice. Time-sensitive statements retain their original publication context.