In today’s installment, Milly lets everyone know the five major things most client’s bank statements will bring about during the mortgage process. Whenever a borrower has to provide their bank statements to a mortgage pro for the purposes of the asset piece or qualification stipulations…….keep in mind the following:
- No white out or “black out” on any of the statements—keep the white out wheel and Sharpie in the drawer.
- We need all pages………..ALL PAGES………..WE NEED ALL THE PAGES. Example: Page 979 of 979.
- If the borrower prints their statements on line, they must be the e-statements, NOT the printer friendly version.
- If the borrower decided to go their bank or credit union to have their statements printed, each page must be stamped and signed by a bank official—-EACH AND EVERY PAGE.
- Non-payroll deposits…………believe it or not, the aquarium you sold on Craigslist could be brought up during the processing of your loan.
The bank statement piece is most likely the “clunkiest” piece of any mortgage application process today. As always, being informed and foreseeing issues gives us the best shot at getting the job done right!
We hope you enjoy today’s installment!
If you or any of your loved one have any questions regarding mortgage financing, home ownership or banking in general, please don’t hesitate to reach out.
Until next time-Yours Financially, Milly
Jamey Milheiser, NMLS #284184
jameym@fairwaymc.com
Phone: 920-722-5626
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