topic Re: Do you have to supply all your Bank Statements when applying for mortgage? in Mortgage Loans

Do you have to supply all your Bank Statements when applying for mortgage?

Anonymous — Tue, 17 Apr 2012 16:09:59 GMT

I'm asking this because we're applying for a mortgage loan in about 2 to 3 months. I have a seperate account that I'm using to give my dad $1000 a month for the next 6 months to help them on a housing project they need. I already transferred all $6k that I would need from my main account to this particular account. My question is when I apply for mortgage can I only provide my main account and not the account im using to pay my dad so they cant see the $1000 payment every month and count it toward my DTI? Will they know your hiding other bank accounts from them?

Re: Do you have to supply all your Bank Statements when applying for mortgage?

Anonymous — Tue, 17 Apr 2012 16:40:30 GMT

We had to supply all of our statements. If what you're worrying about is the DTI thing though, generally its only stuff that's on your credit reports that counts towards that (credit cards, car loans, etc). From what you've said the $1000 a month you give him won't impact it.

Re: Do you have to supply all your Bank Statements when applying for mortgage?

Anonymous — Tue, 17 Apr 2012 17:01:14 GMT

Hi, but how would they know how many or which bank accounts you have? I thought only the IRS has the power to know these things if you dont disclose it. Im just dont want them to see the Bank account that has $1k going out every month looking like its a monthly payment.

Re: Do you have to supply all your Bank Statements when applying for mortgage?

Anonymous — Tue, 17 Apr 2012 17:15:25 GMT

The lender will only want to see in most cases the bank account that contains your funds to close. If the funds you are using to close have been in your account for less than two statements they will need to be sourced, meaning they will want to know where the money came from.

If the money you are using for the down payment and closing didn't come from the account that you are paying the 1K to your family with then I wouldn't even mention it. Even if they do see it, most lenders care more about what is coming in then what is paid out. Good Luck!

Re: Do you have to supply all your Bank Statements when applying for mortgage?

Anonymous — Tue, 17 Apr 2012 17:23:08 GMT

Thanks, yea thats what I figured. Also do you need all the money available when your first apply or when you are about to close?

Re: Do you have to supply all your Bank Statements when applying for mortgage?

rckstrscott — Tue, 17 Apr 2012 17:33:04 GMT

@Anonymous wrote:
Thanks, yea thats what I figured. Also do you need all the money available when your first apply or when you are about to close?

Well, in order to get a solid preapproval, I had to show proof of funds ahead of time, but YMMV.

-scott

Re: Do you have to supply all your Bank Statements when applying for mortgage?

webhopper — Tue, 17 Apr 2012 20:09:16 GMT

@rckstrscott wrote:
@Anonymous wrote:
Thanks, yea thats what I figured. Also do you need all the money available when your first apply or when you are about to close?
Well, in order to get a solid preapproval, I had to show proof of funds ahead of time, but YMMV.

-scott

+1... I showed them ahead of time. got a pre-approval. lender decided to cancel my pre-approval... I had to go mortgage shopping again and start from scratch. Better to have the funds to close easily available on statements

Re: Do you have to supply all your Bank Statements when applying for mortgage?

Anonymous — Tue, 07 Jan 2014 14:40:40 GMT

Hello, I have a similar situation like yours. Did you have to provide all your bank statements to the bank or just your main account. Pls let me know.

Re: Do you have to supply all your Bank Statements when applying for mortgage?

tooleman694 — Tue, 07 Jan 2014 15:37:23 GMT

They wanted to see my checking account and my savings account. Going back 2 months.

Re: Do you have to supply all your Bank Statements when applying for mortgage?

Anonymous — Tue, 07 Jan 2014 15:46:21 GMT

All of them or just your main account. My question is how will the lender know how many checking or saving accounts you have?

Re: Do you have to supply all your Bank Statements when applying for mortgage?

newmomnewme — Tue, 07 Jan 2014 15:48:54 GMT

They will only know about the accounts you give to them unless for some crazy reason the account appears on your credit report. I have three bank accounts that I didn't mention and I told my broker about them, he said he wasn't concerned at all.

Re: Do you have to supply all your Bank Statements when applying for mortgage?

elleng81 — Tue, 07 Jan 2014 18:18:53 GMT

Maybe my lender was thourough, but they asked for all of my bank statements from all of my accounts and bounced those of off my paycheck (my paycheck shows $X amount going to primary checking, $X amount going to savings, and $X amount going to a Christmas Club type account through my CU). I originally only gave the checking/savings account statements and they asked for the third accounts statements, which they only knew about from reviewing my paychecks.

Re: Do you have to supply all your Bank Statements when applying for mortgage?

Anonymous — Tue, 07 Jan 2014 18:30:17 GMT

yes that makes sense.. I dont have any money going in other accounts, everything on my paycheck goes to my primary account. So, in that case can a lender know how many checking accounts I have

Re: Do you have to supply all your Bank Statements when applying for mortgage?

Anonymous — Wed, 08 Jan 2014 16:23:10 GMT

anyone?

other than paycheck can a lender know if I have multiple checking accounts or not?