09-19-2012 10:47 AM
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.....?
09-19-2012 12:31 PM
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...
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