topic Re: overdraft fees in Mortgage Loans

overdraft fees

Jess21 — Fri, 14 Nov 2014 00:53:05 GMT

So I just realized while goign through my bank statement that I have had 2 overdraft fees issued this year and one of them was only 2 mos ago. I guess I cannot get a mortgage now correct?

Re: overdraft fees

MarineVietVet — Fri, 14 Nov 2014 01:08:27 GMT

@Jess21 wrote:
So I just realized while goign through my bank statement that I have had 2 overdraft fees issued this year and one of them was only 2 mos ago. I guess I cannot get a mortgage now correct?

I've had a few overdraft fees in my life But none of them to my knowledge were ever on my reports and therefore no damage to my credit.

IMO you are good to go. But I have been known to be wrong.

Re: overdraft fees

Jess21 — Fri, 14 Nov 2014 01:17:30 GMT

they do not show on the credit report, they show on the bank statements. There a page that says how many you have had and how much

Re: overdraft fees

StartingOver10 — Fri, 14 Nov 2014 01:28:10 GMT

@Jess21 wrote:
they do not show on the credit report, they show on the bank statements. There a page that says how many you have had and how much

It shouldn't be an issue.

There are people that have overdrafts every month - that would be an issue. 2 in a year can be explained (eg: math error, etc). The lender will want a LOE only if the overdrafts are in the 2 months of bank statements you are providing when you make loan application. Otherwise it probably won't even come up.

Re: overdraft fees

Jess21 — Fri, 14 Nov 2014 02:27:22 GMT

one is from not the last month but the one before then, and my statement just cut yesterday ugh. I hope we dont find a house within the next month lol

Re: overdraft fees

Jess21 — Fri, 14 Nov 2014 02:28:17 GMT

its literally for $2.73

Re: overdraft fees

Anonymous — Fri, 14 Nov 2014 15:00:15 GMT

your mortgage will have to be manually underwritten, not the end of the world but a BIG HEADACHE

@Jess21 wrote:
So I just realized while goign through my bank statement that I have had 2 overdraft fees issued this year and one of them was only 2 mos ago. I guess I cannot get a mortgage now correct?

Re: overdraft fees

Jess21 — Fri, 14 Nov 2014 15:13:17 GMT

When you say a big headache. Will this make my mortgage not be approved? ?? I keep fearing that the deal with sink after we alreayd have an accepted offer contract and all and I really dont want to go through that. Any advice?

Re: overdraft fees

StartingOver10 — Fri, 14 Nov 2014 15:17:19 GMT

@Jess21 wrote:
When you say a big headache. Will this make my mortgage not be approved? ?? I keep fearing that the deal with sink after we alreayd have an accepted offer contract and all and I really dont want to go through that. Any advice?

It's not a big headache for you, it just means you have to provide documentation to the lender. Get your documents together now so when they ask for something you have it. Really that tiny OD sounds like an error. It isn't a big deal and a LOE will work. Most mortgage bankers have a very smooth process on the back end and it wouldn't even be seen as an issue at all. I would stay away from the big box banks though - their processing over the last few years has morphed into a centralized processing system that is the opposite of efficient (IME).

Re: overdraft fees

Jess21 — Fri, 14 Nov 2014 15:32:44 GMT

We have a pre-approval from Navy Federal that we can work with but after not being content at all with how the LO treated us from the very beginning we went away from that and applied for pre approval with Movement Mortgage in Charlotte, NC (recommended by our realtor).

Re: overdraft fees

StartingOver10 — Fri, 14 Nov 2014 15:37:35 GMT

Good. Your Realtor is an excellent lender referral resource. BTW, I just checked their website, they are mortgage bankers.

Re: overdraft fees

TimeToRecover — Sat, 15 Nov 2014 08:37:54 GMT

Love the mortgage bankers!!!!!