Depending on the rate difference, I'd be tempted to setup a 'burner' checking account at a separate financial institution and just auto-transfer the loan amount from my primary bank to the burner every month.

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lazide 7 hours ago | parent [-]

That generally wouldn’t pass underwriting. They want the account the money is coming from to be the account with history and money in it already.

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saratogacx 6 hours ago | parent | next [-]

My bank's underwriter/loan officer actually said to get the best rate with them to specifically setup an account with them (They aren't my day to day bank) and just use it for my house payment. For the past decade the only transactions it has ever seen has been the direct deposit and the auto-withdraw for the mortgage.

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el_benhameen 6 hours ago | parent | prev [-]

Really? Both times I got a loan they wanted bank statements from all of my main accounts and verifiable income history, but they didn’t care that I was paying from an account that I had just opened for the specific purpose of paying the loan.

	▲	phil21 6 hours ago \| parent \| next [-]
		I'm not OP, but I assumed from their post that they meant the loan provider wanted Plaid access in order to perform underwriting - as in give us access to your account(s) so we can pull your banking history via an automated manner instead of sending PDFs. Could be wrong though, as I never considered it'd be used for payments at all.
	▲	volkk 6 hours ago \| parent \| prev [-]
		same. maybe it just depends on the bank, but i can't imagine why that would matter at all. they have the whole picture of your financial history, generally. what does it matter whether that one bank account has only enough in it to pay off the loan every month.