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.....?
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...