What is the mortgage company looking for in your bank statements when you are applying for a loan?
The mortgage company focuses on where your money is coming from. This is to verify the income and to check for any large, out of the ordinary deposits. It is important to verify there is no money that you have borrowed and failed to tell them about.
Do they focus on where you’re spending?
No, the mortgage company will review your running balance to see just how low your account goes, but they are not focusing on where you are spending the money at.
It is common with the military to see extra deposits when transferring from another duty station. Although we know they come from the military, the mortgage company has to document these deposits to ensure the money does not have to be paid back.
Contact me today for more information.
Danielle Hifko
New American Mortgage
910-581-6398
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