Why Does My Mortgage Lender Need My Bank Statements?

How Many Months Of Bank Statements For A Mortgage Do I Need to Provide?

Typically, you’ll need to provide 2 months’ of your most recent statements for any tài khoản you plan to use to help you qualify. If the tài khoản doesn’t send monthly reports, you’ll use the most recent quarterly statement.

Why do you need multiple statements? Lenders want to be sure that the money in the tài khoản belongs to you, and that you haven’t taken out a loan or borrowed money from someone to be able to qualify for the mortgage. If the money has been in the tài khoản for a couple of months, they assume that it belongs to you, as any loans you took out beyond the 2-month time span will have already shown up on your credit report. If any large, unexplained deposits appear on the bank statements you provide, you’ll need to be able to prove they came from an acceptable source.

It’s all about ensuring you aren’t too risky for the lender to give you a mortgage. If potential borrowers are trying to make it look like they’re better qualified to handle a mortgage than they actually are, lenders want to know about it.

Although 2 months’ worth of statements is a fairly standard guideline, you may be required to provide between 6 – 12 months’ worth of statements if you’re taking cash out with a higher debt-to-income ratio (DTI), if it’s a property with more than 1 unit or if it’s a jumbo loan. Finally, more statements may be required if the property is a second home or investment property.

A Home Loan Expert will be able to walk you through what’s required.