what the deposits on your bank statement is telling your lender

WHAT THE DEPOSITSON YOUR BANK STATEMENT IS

TELLING YOUR LENDER

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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.

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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.

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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.

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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.

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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.

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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

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Justin McHood is Americas MortgageCommentator and has been providing

Mortgage commentary for over 10 years.

MORTGAGE COMMENTATOR

INFORMATION PROVIDED BY:Justin McHood

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