Date post: | 15-Apr-2017 |
Category: |
Real Estate |
Upload: | mortgage-commentator |
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WHAT THE DEPOSITSON YOUR BANK STATEMENT IS
TELLING YOUR LENDER
BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008
WHAT WILL YOURLENDER LOOK FOR?Your lender is going to begoing through your bankstatements and otherfinancial documents, thisincludes any deposits thatgo into your account.Lenders are going to belooking specifically at thesize of your deposits.
BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008
You may be thinking that the bigdeposits you do have are going tomake your chances for an approvalbetter, however, that is not always thecase. Actually, sometimes largedeposits can give off a bad vibe toyour lender and could cause yourlender to deny the loan.
BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008
DEPOSITS
If you have regular decent sizeddeposits that match yourpaystubs, you have nothing toworry about. However, if youhave larger deposits that don’tcorrelate with your income, youwill have to explain where thatmoney came from, and usuallyin the form of a formal writtenstatement.
BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008
W H Y D O B I GD E P O S I T S
L O O K S O B A D ?
A new loan that may not yet be reflected on your creditreport can make your debt-to- ratio higher and yourability to repay the loan could be lower, according toyour lender.
By using funds from family or friends to make yourselflook richer than you are in order to secure an approvalfor a home loan, could put you at risk for fraud.
BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008
Your lender needs to know
and be confident that the
money you have is, in fact,
legitimate and yours, not a
loan. If you do not have
proper documentations to
back up your deposits you
could have a hard time
getting approved.
BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008
B L O W N M O R T G A G E . C O ML E N D E R H O T L I N E : 8 8 8 - 5 8 1 - 5 0 0 8
C L I C K H E R E
T O L E A R N M O R E
BM
BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008
Justin McHood is Americas MortgageCommentator and has been providing
Mortgage commentary for over 10 years.
MORTGAGE COMMENTATOR
INFORMATION PROVIDED BY:Justin McHood
BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008
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888-581-5008
BLOWNMORTGAGE.COM LENDER HOTLINE: 888-581-5008