Why You Shouldn’t Move Your Down Payment Into One Account (Even If It Feels Like the Right Move)

When you’re preparing to buy a home, it’s natural to want everything neat and organized — including your savings. A lot of people think it’s helpful to move all their down payment funds into one account.

Totally makes sense — but it can actually complicate things.

Lenders Need a Paper Trail

When you apply for a mortgage, lenders require a 90-day history for any account your down payment touches. So, if you move $10,000 from one account to another, you’ll now need to provide statements for both — and explain the transfer.

The more you shuffle money, the more tracking and documentation you’ll need. This can slow things down and make the process more stressful.

Keep It Simple

If possible, leave your down payment funds where they are. Less movement = fewer statements = a smoother approval.

If you do need to move things around, check in with your mortgage advisor first so you can do it in the cleanest, most efficient way.

Have questions about prepping your finances before applying? We’re always happy to help.