Mattress Money. Mattress money can actually be money that is stuffed in a mattress but more often than not it is money being held by the borrower in cash some place other than a bank account and cannot be documented where it came from. June 23 2007 5 38 pm ap grandma stuffing money under the mattress isn t the only one living outside the banking system.
In fact it may even hurt your chances in the long run. You see even with thousands saved mattress money won t help you much when applying for a mortgage loan. This is called mattress money.
At least the lender won t count them as yours.
With reference to the supposed custom of concealing savings inside or beneath the mattress. Mattress money is a tool to learn how to make the most of your personal finances. Mattress money can actually be money that is stuffed in a mattress but more often than not it is money being held by the borrower in cash some place other than a bank account and cannot be documented where it came from. June 23 2007 5 38 pm ap grandma stuffing money under the mattress isn t the only one living outside the banking system.