Everyone close to us knows we've been saving for Korea for many years now. We sold and downgraded our truck to afford the trip among other things. We've worked really hard to save this amount. Well, we decided to refinance our house to the new, lower rates and the bank contacted us after we sent in our application and asked us a question that took us by surprise. We had to submit our bank statements and that's what set off the question.
Apparently, there are some rules through Fannie Mae that if accounts are above the norm they have to look at the accounts closer. We had the sale of our truck on that statement and that large deposit (It wasn't really that much considering it was a truck) threw up some flags. I explained that we sold our truck and downgraded. I didn't know there were these rules or flags in place and I've dealt with this loan officer for years. I told her I was a little disappointed they would question us about this deposit to the degree they did. There were more questions about it than I'm really going into here. She replied and explained to me that it was Fannie Mae and it was because our savings was higher than the average in America. WHAT??!!! Barely having enough to go to Korea doesn't seem like a massive nest egg, but apparently in banking world or in America it is. I told her not to worry, in a year the money will be gone after we go to Korea. :)
Brian's jaw dropped when I told him. We both had a good laugh for the night. I mean really it's not that hard to save the money when you are frugal and careful with your money and then sell vehicles you don't need, right? :)
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