During the mortgage application process, lenders look at a variety of factors to determine a borrower’s financial ability to pay for a mortgage. One of the factors lenders look at is bank statements. These statements are used to verify a borrower’s income and assets.
Do Mortgage Brokers Check Your Bank Account?
Most lenders will ask for at least two months of bank statements, but some lenders may require up to twelve months of statements. If the lender has questions, they may request more statements.
Bank statements show lenders the amount of money a borrower has in their accounts and their banking habits. They also help lenders sell my house fast las vegas and identify potential problems with the borrower’s finances.
Bank statements are also a good way to verify that a borrower has no outstanding debts. Those with high levels of debt may be denied a mortgage. However, a clean financial background increases your chances of getting a mortgage.
Lenders also want to know if the money in a borrower’s account comes from an approved source. For example, if a borrower receives a large gift, the lender will want to know the source. However, if a borrower receives money for a down payment, a lender may not consider it a gift.
Mortgage lenders also want to make sure that the money deposited in a borrower’s account is not coming from a fraudulent source. For example, if a lender sees multiple overdrafts, they may suspect that the borrower has poor financial management skills.