Purchased a home recently and I'm moving my entire brokerage account to Wells Fargo for their assets based rate discount. Curious to know how long do I actually need to keep money with them before I can take it out without impacting the mortgage rates? Additionally, I've already given separate proof of downpayment money (via stock sales) but can I take money out of the assets I've shown for discount to actually pay the down? I want to avoid selling stocks, can just pull money out of the brokerage instead.
A few hours. Talk to your agent, they will tell you.
Sounds like I can use this money towards closing/escrow/downpayment too then? (not as proof, already shown that, but actually paying it?)
No. You should be asking these questions to your loan officer
You cannot use that money towards down payment. They changed rules recently. Instead of asking us, ask your Wells Fargo lender Edit: I meant to write "cannot" ππ. Sorry!
This π
I asked, they said no. I had to clearly show I have a downpayment and separately the assets which I'm transferring over.
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A day. Realistically you won't have access to your funds for 5 to 10 business days depending on the type of transfer. Once the funds are there though you can ask them to verify and thats it. You can close it out same day.
A day from? Home closing or approval of the lower rate?
A day from when the assets arrive. Once you see them in your Wells Fargo account, ask your agent to verify it. That's it. Never matters again. No need to wait for closing.