Reply
Valued Member
Posts: 42
Registered: ‎04-09-2011
0

Bank Accounts

Hello everyone, I have two quick questions:

 

1.  At what point during the application process do you have to provide bank statements?  Is it a requirement of pre-approval or is it just required before the final underwriting?  In other words, am I expected to provide bank statements the same day that I apply?

 

2.  Do you have to disclose every bank account that you have or just the account that will fund your downpayment, closing cost, etc.....?

 

Thanks!

Regular Contributor
Posts: 226
Registered: ‎05-24-2012
0

Re: Bank Accounts

1. It depends on the lender and the requirements of the pre-approval. Some want to see that information up front and others do not require it until approval process which is just before it goes to underwritting. For me I did not provide anything at pre-qual other than they pulled credit and I disclosed my income. I did not provide bak statements until about a week before the file went to underwritting.

 

2. This also depends on the lender. I would at the very least disclose this to your LO and let them decide what will need to be included for underwritting. I have a checking and savings account that are really ever used. I let my LO know this and she told me not to worry about providing any information on those accounts. The only thing I do with the checking account is transfer money to it 1 time a month to pay my insurance and th savings account has like $6 in it...

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.