What are lenders looking at when they request copies of bank statements as a part of the application/documentation process? Are they going to scrutinize "where" I spend my funds or are they merely looking at deposits?
Six answers:
2007-09-10 12:02:00 UTC
they are looking at deposits aerage doposits show what you are making when you are going stated or if you are a bussiness owner if own your own bussiness.
If you are required to put a down payment they have to see its in your account its part of the new laws with home laond security. most lenders want to see the money n the account called seasoning they may want to see it there for 2-6 months or be able to see how you saved it!
this is nothing to worrie about its part if the process! they are just confirming what you have told them that is all!
floretta
2016-05-21 08:54:29 UTC
A gift from your parents is not going to help you unless the funds are for a specific reason. Like giving you the funds to pay for the down payment and closing costs. Fannie May wants to see the history of your bank account. They want to see that you have been able to maintain a balance sufficient enough to allow you to make the monthly mortgage payments. A sudden deposit of funds will not show this.
2007-09-10 11:18:58 UTC
Many lenders, banks in particular, deal in any sort of secured loan other than second mortgages. Other institutions deal almost exclusively in secured loans. Finance companies that deal in secured loans can be found in your phone book, newspaper, and increasingly, online.Shopand can get a good idea of what each can offer you in terms of interest and other finance charges and fees. Choose the best one for your needs, and apply for the loan.
2007-09-10 11:02:13 UTC
They are looking for a 2 month history of deposits, nsf checks, and any deposits that are unusual from the account history. They don't care where you spend yourmoney they are just making sure that the funds you will use for closing are truly yours and to make certain you handle credit responsibly.
2007-09-14 09:27:15 UTC
Check out http://www.mortgagefigure.com there is lots of information on mortgages, refinancing, consolidation, bad credit mortgages, etc and may be able to help you.
Bob D
2007-09-10 10:57:18 UTC
They care about reserves. Do you have enough money to cover the payment if things go bad?
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