Borrowers, you may think that those bank statements aren't necessary...but wait, there's more!
I do empathize with clients who remain hesitant to provide a lot of personal paperwork when they are seeking mortgage financing. But I have to remind folks that they are asking a lending institution to lend them money...and generally, A LOT of money!
I'm working with a gal to get her preapproved for a VA loan. She provided me with the standard stuff, pay stubs, W-2's, bank statements, allowed me to pull credit, etc. When I submitted her initial file through our Desktop Underwriting (DU) system to get her preapproved it was returned with a "refer" status. Meaning that I couldn't get an upfront automated approval, but rather it would have to be manually underwritten by an underwriter. While she did provide me with her checking and savings account statements, I did ask her if she had any other assets she could provide documentation on. She followed up with sending me copies of her Retirement statements. While her accounts didn't have a ton of money in them, I did input those values and resubmitted the file.
Eureka! Having just a few more thousand dollars in her asset category was just enough to push the initial findings from a "Refer" to an "Approve/Eligible" status!
So buyers...while you may be of the mindset of "why should I provide all those other statements, I'm not using those monies", by providing them, could just make the difference in your loan approval.
Interested in getting preapproved for a home mortgage? Call me for all your home lending needs!