Why do mortgage companies ask for so many items? Here is an
explanation of why they need specific items!
-Bank statements – It is usually required to provide two
months of bank statements
1.
Review average balances – if your account shows $100 average but your monthly
payment is increasing $200, this is a red flag
2.
Look for any large deposits – deposits that are not direct deposit payroll must
be verified over a certain amount to make sure you have not borrowed money to
help qualify
3.
URL/Teller signature and stamp – this is often required to help validate the
statements
4.
Full account numbers – to match accounts up to your name
-Paystubs with Year-To-Date Income – to verify how much you
have earned all year – your pay could be $15.00/hour, but by having the year to
date income we can see that you have not missed a significant amount of work
throughout the year.
-Divorce/Separation/Child Support paperwork – we need to
insure what alimony or child support is being received or distributed. This is a vital part of the approval
process because it can affect the outcome of the approval.
-Awards letter for retirement/disability/social security –
even though we will see it deposited monthly into the bank account, we still
need the awards letter to verify the true award amount being given.
Contact me today for more information!
Danielle
Hifko
New American
Mortgage
910-581-6398
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