I have a mortgage appointment with my boyfriend in 2 days and we have been asked to take bank statements from the last 3 months with us. My statements are awful. so i have two Qs:
1. What do they look for in the bank statements
2. What would happen if i don’t take statements with me, will they just accept my other halfs?
Thank u!
They are using bank statements to validate other information on your application. The most obvious is the balance in the account. The second thing is they can use it to verify your income.
For example, if you say you make 90,000, but are only getting deposits on 2,000 a month in your account they will know you are lying about your income.
They are using bank statements to validate other information on your application. The most obvious is the balance in the account. The second thing is they can use it to verify your income.
For example, if you say you make 90,000, but are only getting deposits on 2,000 a month in your account they will know you are lying about your income.
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I do not know what they look at maybe if the income coming in is the same as you all said you had. TAKE them with you very important, it could delay process.
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To make sure you have enough monies in the bank to cover the mortgage if you should loose your job also they can use that as collateral.
Also, they use that information to see how you spend your monies.
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