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Bank statements

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Anonymous
Not applicable

Bank statements

Me again,
 
On the subject of getting pre-approval, they ask for your last 1 or 2 bank statements. Is there anything specifically they look for? Are there things that could be done to make your statements look more appealing? Help me out mortgage Gods. Thanks!
Message 1 of 19
18 REPLIES 18
Anonymous
Not applicable

Re: Bank statements

I would try to "alter" my statements. However, if you are on commission or in a cycular business like I am- where we work like crazy five cycles out of the year, and then have downtime- I would have 6mos worth of statements so they can see that the lows balance with the highs.
 
Also, try to get your "yearly" income verifed, i.e.- what your pay rate is times number of weeks from your HR or Income Verfication point of contact.
Message 2 of 19
Anonymous
Not applicable

Re: Bank statements



netpanther wrote:
I would try to "alter" my statements. However, if you are on commission or in a cycular business like I am- where we work like crazy five cycles out of the year, and then have downtime- I would have 6mos worth of statements so they can see that the lows balance with the highs.
 
Also, try to get your "yearly" income verifed, i.e.- what your pay rate is times number of weeks from your HR or Income Verfication point of contact.


Scratch that. I WOULD NOT try to alter statements.
Message 3 of 19
Anonymous
Not applicable

Re: Bank statements

When they asked us for bank statements, it was to show that we actually had the money we said we did for the down payment.  I believe it was also part of listing our assets (along with our 401(k) and portfolio).
 
Hope it helps...
Message 4 of 19
Anonymous
Not applicable

Re: Bank statements

If you bank statements show deposits but you have anything negative on it like NSF fees or overdraft fees, they will deduct out the amounts of the fees from your overall deposit and it will seem as though you have less money than you deposited.
Message 5 of 19
Anonymous
Not applicable

Re: Bank statements

Thanks everyone for the advice. That helps a lot!
Message 6 of 19
OneMortgageGuy
Regular Contributor

Re: Bank statements

Most of the time when lenders are asking for 2 month is because.... They want to know that the money you have has been in your account and not borrowed. Depending on the loan banks want to see that your down payment, closing cost, or just reserves.
 
Don't alter your statements and if your lender does that I would report them!!
Message 7 of 19
Cooneyca
Regular Contributor

Re: Bank statements

I would think they are looking at it for more than just the claimed deposit money.  My down payment money wasn't in my bank at the time of loan app when they requested my last two monthly statements, and the loan officer knew that.  It was in an online bank's CD account.  No one said anything so I guess it's okay. 
 
I thought they were looking for any tell-tale signs of unreported expenses.
 
Carol
Jan 07: tu 498, ex 501, eq 504
Oct 07: tu 716, ex 712, eq 723
Nov 07: tu 693, ex 664, eq 672_post app frenzy
Message 8 of 19
ejay63
Established Member

Re: Bank statements

Will overdraft fees on bank statements prevent the loan from going forward?
Message 9 of 19
ShanetheMortgageMan
Super Contributor

Re: Bank statements



ejay63 wrote:
Will overdraft fees on bank statements prevent the loan from going forward?


Underwrtiers look at overdraft fees and non-sufficient funds remarks pretty severely.  Bank statements are not needed for all loan approvals, or even most... you can just tell your loan officer to request a VOD (https://www.efanniemae.com/sf/formsdocs/forms/1006.jsp) to be filled out by your bank.
Free Mortgage Advice & Pre-Approvals (FHA, VA, USDA, Fannie, Freddie, Non-Prime, Construction, Renovation/Rehab, Commercial) since 2002
Located in Southern California and lending in all 50 states
Message 10 of 19
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