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Updated about 7 years ago on . Most recent reply

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43
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Chris Penny
  • Union City, CA
9
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43
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Money pass through bank account and effect to refinancing

Chris Penny
  • Union City, CA
Posted

I have a bank account, called Bank A, that, for a specific reason, needs to have multiple money pass through. By that I mean I constantly need to move money from another account to this Bank A, then immediately wire the same amount from this Bank A account to another trading account. 

Now if I refinance my home, or buy another one, I understand that the lender would check every bank account and ask for an explanation of any nonregular large deposit. Given that I would have multiple large deposits, but at the same time I wire the amount received immediately to another account, do I have to explain this to the lender?

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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
13,509
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23,418
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Wayne Brooks#1 Foreclosures Contributor
  • Real Estate Professional
  • West Palm Beach, FL
Replied

As long as you can show a legit reason for it.....no worries.

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