A Mortgage Gotcha is an item in the approval process that could jeopardize getting approved.
Mortgage Gotcha Trivia Question number 1: Do you know the type of bank account that you cannot use?
If you guessed one that is not yours, you guessed correctly. The most common mistake is Custodial Accounts for Children; you cannot co-mingle your money with your children’s. Even if your child gives you permission after you promised him a pony or a trip to Disneyland, the answer is No.
Once a minor is emancipated – becoming an adult, the account is considered his or her funds and no longer custodial. Adults can give permission to use their money but children cannot.
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