What do loan officers look for in your past bank statements?
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As I've been doing homework on the loan process for a first-time mortage, it struck me as peculiar that it is recommended (required??) to bring six months of bank statements to your loan visit. This seems to me to be a little invasive on privacy, yet I'm not sure what the purpose is. What do they look for specifically? Is it to verify income, or do they actually look at every single item? What if I have multiple accounts/banks, should I bring six months worth of statements from each bank? Is this the same with bank loans as it is with mortageg brokers? Always, thanks for your answers!
What do loan officers look for in your past bank statements?first off, intrusive, is an understatement, the 1003 loan application, is the single most invasive document known to man. you are asking to BORROW, more then $200,000 (AVERAGE) and you think that wanting to see an account history is intrusive?man, you are in for a shock!! first off, LO's and the BANK's underwriters, want to see (in an account history) a surplus of funds, a seasoning of funds(no large and anonamous deposits) a consistancy of funds, and that you have (in reserve) the required amount of funds to close, and still have a certain amount of Cash on hand, after the closing(PITI RESERVES) but, since this is your first house, its a little differant, if your credit is good, you may get away with REDUCED DOCUMENTATION programs(you dont have to prove as much on paper, these are callled STATED programs,and no verification programs). but if this is you first mortgage, you may have to prove an enourmaous amount of information, it depends on many many variables that are specific to your situation. loan amount, down payment, loan to value ration, debt to income ratio, reserves, assets, credit HISTORY, not just your score. if you would really like to figure out what to do, then give me a call at 203-729-8900 or 203-410-4427 ask for david powell, and i will take you through this step by step, no application fees, no consultatio fees, i will just present with some options(out of hundreds of custom tailored loan programs, i will find the one that will fulfill the largets amount of YOUR goals(retirement, investment, equity building, early payoffs so that you can own your house 10 years sooner) or if you will only be keeping the property for a short time like 3 to 10 years , there a re completely differant programs for that, with their own benifits and perks, i'm really very good at what i do, so if you want more info, or would just like me to put a program together for you at no cost(i'm talking very real hard numbers not speculation or quotes, or guesses) if you like the loan, i can help you further. might as well talk to an expert. call me, lets get started.
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