Mortgage and Documentation

MommyLiberty5013

As a former loan-officer, I know all about getting documents to approve someone for a loan. W2s, bank statements, even tax returns.

But, this one is a new one for me...

Our mortgage broker asked DH for the last statement on our Amex CC. Has anybody ever had a mortgage lender or a loan officer ask for a specific CC statement?

It doesn't bother me, so we'll give it to him, it's just a new thing (for us, at least).

jessica490

That's strange, when we closed in August we were only asking for bank statements, not credit card statements...do you have a high balance on it or something that would flag it?

LillibetteV

I've never been asked for that either - they will see the current balance when they pull your credit so are they going to analyze your shopping habits?

blondie42107

LillibetteV said:

I've never been asked for that either - they will see the current balance when they pull your credit so are they going to analyze your shopping habits?

We bought our house 8 years ago so I'm not familiar with this. Does it really matter what you spend your money on if you are paying your bills and have good credit? FWIW, our friends have crazy spending habits but have good credit. I can only imagine if they asked for their cc statement... Lol

LillibetteV

blondie42107 said:

LillibetteV said:

I've never been asked for that either - they will see the current balance when they pull your credit so are they going to analyze your shopping habits?

We bought our house 8 years ago so I'm not familiar with this. Does it really matter what you spend your money on if you are paying your bills and have good credit? FWIW, our friends have crazy spending habits but have good credit. I can only imagine if they asked for their cc statement... Lol

Exactly - I don't think it should matter but that's the only logical explanation for why they would want it that I could think of! 

MommyLiberty5013

No it's not a crazy high statement. It's our Costco Amex so there's likely 1-2 Costco trips on it maybe $400 between the two. Some restaurants. And maybe some gas. If I recall correctly, that statement was a little less than $1k. Possibly around $1,200 at the most. But the limit on the card is around $3,300 so it isn't too high for the limit given. Plus we always pay on time and in full and never carry any balances on any CC.

jtmh2012

Unless you have a jerk for a mortgage processor, I'd just ask them nicely and see what they say.  I asked about a few things and they were usually up front about it if they knew.

dragonstarjk

jtmh2012 said:

Unless you have a jerk for a mortgage processor, I'd just ask them nicely and see what they say.  I asked about a few things and they were usually up front about it if they knew.

I agree.  I would just inquire if they are asking for this for a specific reason.  There's no reason they shouldn't be able to tell you why they requested it.  Maybe they think they saw something strange that is easily explained.

short+sassy

I bought my personal home about 5 years ago and an investment property recently (August of last year).  I was asked for a LOT of stuff on both of those purchases, but not credit card statements specifically.  Just statements for all my bank accounts.

I could see where a bank might look at credit card utilization from your credit reports, but I'm also curious why they want the statement.