What do loan officers look for in your past bank statements?
mortgages
As I’ve been doing homework on the loan process for a first-time mortage, it struck me as peculiar that it is recommended (required??) to bring six months of bank statements to your loan visit. This seems to me to be a little invasive on privacy, yet I’m not sure what the purpose is. What do they look for specifically? Is it to verify income, or do they actually look at every single item? What if I have multiple accounts/banks, should I bring six months worth of statements from each bank? Is this the same with bank loans as it is with mortageg brokers? Always, thanks for your answers!
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they look at the general activity, deposits, overdrafts, balance etc. It gives a rather good picture of how you handle personal finances. they also want to know where the down payment is coming from if its not in you account. i would take all statements from all accounts…your better off not trying to hide anything…they will find it. This is standard for mortgages whether a bank or broker. It’s only “invasion” of privacy if you don’t give prior permission. You can refuse to provide any info you want, but you may not get the mortgage.
Bank statements can be an alternative way to verify income if you are self employed, or have other income coming in every month that you need in order to qualify for the mortgage. This is a good strategy on the part of your loan officer to save time and stress later on in the loan process. It may seem invasive right now, but the loan officer is looking ahead to what may occur and is only trying to collect as much information as possible right now. You never know what a lender will need, or what twists and turns may be ahead. I think you may have a good loan offier, but remind him or her that you haven’t been through this 6 times last month abd you will need them to slow down & explain this process to you.
Banks need to determine where your down payment is coming from. They don’t want you borrowing the money from someone else. That would mean you need to pay 2 loans (the bank’s mortgage and your loan to you friend). If they see the money in your account for 6 months, then they know where the money came from.
The comments from the other answers is also correct.
first off, intrusive, is an understatement, the 1003 loan application, is the single most invasive document known to man. you are asking to BORROW, more then $200,000 (AVERAGE) and you think that wanting to see an account history is intrusive?man, you are in for a shock!! first off, LO’s and the BANK’s underwriters, want to see (in an account history) a surplus of funds, a seasoning of funds(no large and anonamous deposits) a consistancy of funds, and that you have (in reserve) the required amount of funds to close, and still have a certain amount of Cash on hand, after the closing(PITI RESERVES) but, since this is your first house, its a little differant, if your credit is good, you may get away with REDUCED DOCUMENTATION programs(you dont have to prove as much on paper, these are callled STATED programs,and no verification programs). but if this is you first mortgage, you may have to prove an enourmaous amount of information, it depends on many many variables that are specific to your situation. loan amount, down payment, loan to value ration, debt to income ratio, reserves, assets, credit HISTORY, not just your score. if you would really like to figure out what to do, then give me a call at 203-729-8900 or 203-410-4427 ask for david powell, and i will take you through this step by step, no application fees, no consultatio fees, i will just present with some options(out of hundreds of custom tailored loan programs, i will find the one that will fulfill the largets amount of YOUR goals(retirement, investment, equity building, early payoffs so that you can own your house 10 years sooner) or if you will only be keeping the property for a short time like 3 to 10 years , there a re completely differant programs for that, with their own benifits and perks, i’m really very good at what i do, so if you want more info, or would just like me to put a program together for you at no cost(i’m talking very real hard numbers not speculation or quotes, or guesses) if you like the loan, i can help you further. might as well talk to an expert. call me, lets get started.