Well, hello there. We’re talking about Commandment #8 today and that will be:
“Thou shall not make large deposits without checking with your loan officer first or your mortgage broker.”
So the reason you don’t want to do that is that you don’t want to give any kind of indication that you have borrowed your down payment when there are large deposits, the lender is gonna think you’ve borrowed that from somewhere, or they could be also concerned about money laundering. Where did you get the money?
It’s very important that your money source is revealed to your lender and they don’t want that seed money to be borrowed. So make sure you don’t do anything funky with your bank accounts with large deposits without explanations. That’s typically a gift letter or something to that effect. Lottery, winnings, you name it. But don’t make large deposits without checking with your mortgage broker first.