Bank Statements: What Must They Have For Mortgage Loan Application

Have you requested for your bank statement recently? This is one of the documents that you are required to submit to potential mortgage lenders as you process your loan application. If you want to get approval for the mortgage loan, then you should ensure that your bank statements are submitted alongside the other legal documents required by the lender. The requirements may vary from one lender to another, but the bank statement is usually one that is always required.

Does your bank provide a bank statement that comes with all the necessary information that the mortgage lender required? Here is a checklist that you can use to ensure that you’ve got everything you need in that statement.

Name of the bank or the financial institution where you have savings or investments. It is highly important that the document they provide you with comes with the company header, at the very least, to ensure the potential lender that you are not making the document up. Also, the header also assures the bank that you are dealing with legitimate companies.

Account holder’s name should be on that document too. Whether it is your husbands or yours, or maybe even both in a joint account, it is best to have the bank statement have the account name on it. This enables the lender to possibly look into how much you have saved so far, if you have enough for the down payment and if the money you are earning monthly can actually pay for the mortgage rate.

Account number ensures that all transactions using the account are legal. It follows the bank process that helping you establish that you are not doing anything that’s outside the laws of the land.

Transaction history should be covered in the bank statement as well. Although most lenders would only require at least six months to a year of history, you may provide them with a longer history if you wish. Such coverage will help you establish your ability to pay the bank for the loan that you are trying to get approval for.

Starting and ending balances should be stated as well. There should be very little to no large increases that the lender might find questionable. After all, the bank statement helps create the idea that you have a stable income and that the mortgage loan application is something that you are seeking for it is convenient for you, at least financially.

When your bank statement has all these information, you don’t have to worry about your loan application. To learn more about how you can improve your chances, talk to a mortgage loan advisor today.

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