Say payment shock is 250/month and NACA is viewing my accounts over the course of the year.
I am SAHM who does seasonal work here and there. Over the course of that year, I will probably bring in $6,000
If I deposit it and and don’t touch it, the sun total of all our accounts would have exceeded the (250/mo * 12)
Will NACA look at it this way or must we save the exact amount incrementally?
Moving money around seems to be frowned upon but anyway to make this work if the latter is the case?
Unfortunately in your example, that would not work. NACA looks at the monthly increase. You would need to show an increase of at least $250 per month across all accounts in order to prove you are capable of paying your desired mortgage every month without fail.
Payment Shock is considered successfully saved if the grand total of all your bank accounts increases by AT LEAST the payemnt shock amount each and every month without fail. You can’t save less than the payment shock amount one month then more the next to make up for it.
Since the figure used is the grand total of all accounts, simply moving money around from one account to another accomplishes nothing at all.