The information provided herein has been prepared by a third party company and has been distributed for education purposes only. The positions, strategies or opinions of the author do not necessarily represent the positions, strategies or opinions of CrossCountry Mortgage or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.
May 15, 2019
Have you ever head the term “mattress money”? It’s a real thing! Sometimes this is money that people literally hide in their mattresses, under the floor board, or even behind sink! But in general, mattress money refers to keeping your cash savings hidden away at home, rather than in the bank. Now I’m not talking about having an emergency supply of cash on hand, but what I AM talking about is keeping a large sum of money, like a nest egg that you’ve been saving up, somewhere other than a bank. I run across this all the time in the mortgage business, and let me tell you, when applying for a home loan, it can actually be harder to use cash that you have been stashing away at home than it is to use that same money if it had been secure in a bank. Now maybe you’re reading this thinking, “but I don’t have any large purchases that I need financing for. I just want to hold on to the money I have”. Well that makes a lot of good sense, BUT, if you’re keeping a very large sum of cash at home for an extended period of time, you’re not protecting your hard earned savings against inflation! There are a lot of reasons I think banks are the best place for your money, and we talk about them all in this weeks episode of Money Tip Monday!!
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Lizy Hoeffer NMLS ID # 260183. AZ LO-0913409 I am authorized to conduct business in the state of Arizona. All loans subject to underwriting approval. Certain restrictions apply. Call for details. THIS SITE IS NOT AUTHORIZED BY THE NEW YORK STATE DEPARTMENT OF FINANCIAL SERVICES. PHONE NUMBERS DISPLAYED ARE NOT FOR USE BY NEW YORK BORROWERS. NO MORTGAGE SOLICITATION ACTIVITY OR LOAN APPLICATIONS FOR PROPERTIES LOCATED IN THE STATE OF NEW YORK CAN BE ACCEPTED THROUGH THIS SITE. CrossCountry Mortgage, LLC. NMLS1925878, 3100 West Ray Road, Suite 201 Office 212, 218, 219 & 228, Chandler, AZ 85226 (www.nmlsconsumeraccess.org)
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