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Bank Statements for Mortgage Pre-Approval
We will go for a pre-approval at the beginning of next year, closer to when we are ready to buy. Typically, how many months of bank statements are requested?
Our current situation is that I have a checking (with direct deposit of my paycheck), DH has a checking (with direct deposit of his paycheck), we have one joint savings (including the source of our dp money), and I have another savings account (under my social security # for over 20 years) joint with my Dad (this money would not be used for a down payment). In addition to this, we have individual 401-Ks and DH has individual IRAs. Finally, I have a (very small) account bank account from when I was in grad school in NYC that is still open (has a balance of less than $400, but is free checking due to an arrangement with my school).
I assume that they are going to need to see all of this? It is 9 different "bank statements". Right now, basically all the household bills (including the current mortgage for our current condo) is paid out of my checking. DH's checking is ancillary expenses and fun money. We make about the same income, each.
Should I try to merge/close some of these accounts now, or leave them as they are? I know that it is a bit of a complicated set up, but it works for us. Also, if we merge accounts we might have "large deposits" into one account, and it might create a headache documenting the paper trail.
What do you think?
Re: Bank Statements for Mortgage Pre-Approval
We started the process not too long ago and had to provide 2 months worth of bank statements. Our situation is not as complicated as yours so I don't know what the answer would be. But I think the reason the lenders want bank statements is to prove that you have the money to pay for the house (not just the down payment). We found a mortgage broker first and she told us everything we needed. If you have a real estate agent, they probably have a mortgage person they can recommend to you. Even if you decide not to go with them, they could likely advise on what to do with all of your accounts.
Good luck!
Have you seen my monkey?
My Valentine Bookends (2~13~13, 2~15~09)
That was our situation too. It has to do with it being a "joint" account. Stupid really. Of course, it wasn't any more silly than DH and I both having to write letters allowing the money in our joint accounts to be used for the purchase of our home. They just REALLY don't like money that has anyone else's name on it. Glad to hear you can work around it
That's what we did and it all worked out in the end.
My Valentine Bookends (2~13~13, 2~15~09)
weird, we didn't have that problem at all when we bought our first house. the account we had our down payment in was a joint account between me and my mom.
Have you seen my monkey?
It is weird, but then again, it really depends on what you have going on. We did a conventional 20% down loan and we own more than one home so they really scrutinze your assets. Since this was not our first home, we didn't qualify for any of the "first time homebuyer" perks. In the end, it was not an issue because we had more than enough in our other accounts to cover all the necessary expenses and reserves. I was talking to our friend who is a closing attorney and she said that it is a very common practice.
My Valentine Bookends (2~13~13, 2~15~09)