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Bank Accounts and Mortgage Loans

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toa700
Valued Member

Bank Accounts and Mortgage Loans

How much does having a bank account have to do with obtaining a mortgage? I am thinking of changing from citibank to bank of america or chase but will be applying for a loan soon......Thanks for your help!
Message 1 of 7
6 REPLIES 6
Anonymous
Not applicable

Re: Bank Accounts and Mortgage Loans

I was in the same situation....I used to bank with Bank of America....and switched to Capital One 2 weeks ago...I figured I can use what ever bank statements I have with Capital One...and let them do a VOD with Bank of America...
Message 2 of 7
BrianB_The_Loan_Professor
Valued Contributor

Re: Bank Accounts and Mortgage Loans

If possible I would wait until after the mortgage - is there a reason that you want to do this now?Are there over drafts?

 

Typically we need to see 2 months of bank statements

Brian

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Brian B The Loan Professor
Mortgage Banker - offering FHA, VA, USDA , and Conventional mortgages in all 50 states -

If I do not respond to a follow up question please feel free to contact me directly
Message 3 of 7
ShanetheMortgageMan
Super Contributor

Re: Bank Accounts and Mortgage Loans


@Anonymous wrote:
I was in the same situation....I used to bank with Bank of America....and switched to Capital One 2 weeks ago...I figured I can use what ever bank statements I have with Capital One...and let them do a VOD with Bank of America...

 

VOD's suck with BofA =P  Have to fax to a 900 # or use BankVOD.com.  For my clients we just download the .pdf statements online and the online transaction history for more current balances.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 4 of 7
Anonymous
Not applicable

Re: Bank Accounts and Mortgage Loans

My LO asked for the last six months.  They went through all of them.  Anything out of the ordinary, I had to provide an explanation.  I didn't have any overdrafts but they did question some deposits.  It might be a good to follow Brian's advice and wait it out unless it's an extreme emergency.
Message 5 of 7
toa700
Valued Member

Re: Bank Accounts and Mortgage Loans

Thanks A lot All!!!!!
Message 6 of 7
Anonymous
Not applicable

Re: Bank Accounts and Mortgage Loans

When I tried to get a mortgage a few months back with BofA....they told be they can't do a VOD...and I banked with them...BS
Message 7 of 7
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