Bank Statements for Wells Fargo mortgage approval

Asked by Giselle_romero87, Medford, NY Wed Feb 13, 2013

I was told they would not need bank statements during pre-approval but would eventually need them when i apply for the loan...I am a little concerned with this currents month statement due to a lot of activity ( a lot of spending and paying bills some that are not even mine).. My question is if i start the process now and do not close for another 2-3 months, would i be able to use the most recent 2 months or will i be required to provide all bank statements since the pre approval status.

fyi- the accounts that show up are bills i have paid on behalf of my mom who does not have a checking account and is re-establishing credit.. I would rather leave this out because i would rather not have to deal with the explanations.

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Javier Meneses’ answer
Javier Menes…, Mortgage Broker Or Lender, Melville, NY
Wed Feb 13, 2013
BEST ANSWER
Giselle, that is a poor job that any Loan Officer from any bank can do. In order to issue a pre-approval, Loan Officers must review bank statements along with tax returns, pay stubs and credit. I would advise you to send the 2 most recent bank statements to your Loan Officer and ask him/her to make sure the fact that there are additional bills being paid out, will or will not affect your chances of getting approved. I've seen before how underwriters (depending on the bills being paid) chose to count those bills as your own debt and it caused problems, even for their loan to be denied. There is no doubt that underwriters look at bank statements in detail. What if your credit report doesn't show you have a car loan, but in every bank statement you're paying a car note? What if you pay your rent cash? They want to see if you make monthly withdrawals that match your rent, etc. these things are important and I would stop paying your mom's bills from your account ASAP.

If you have any other questions, feel free to contact me. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
(516) 606-9648
4 votes
Anthony Picc…, Mortgage Broker Or Lender, Cherry Hill, NJ
Wed Feb 13, 2013
You will be required to provide 2 months bank statements from the day you make application or sign an agreement of sale with a realtor whichever is earlier. Hope that helps. If you have anymore questions I would be happy to help.
0 votes
Josh Barnett, Agent, Chandler, OK
Wed Feb 13, 2013
You will want to disclose everything to your lender, the worst thing that can happen is you get to closing, spend all the money it takes to complete inspections and appraisal to find out the day of closing you will not be able to receive the loan because you did not disclose to the bank, everything.

When in doubt, disclose.
0 votes
Anna M Brocco, Agent, Williston Park, NY
Wed Feb 13, 2013
You really should be discussing the issue with your loan officer, don't simply rely on online information...
0 votes
Victoria Pop…, Agent, Bayside, NY
Wed Feb 13, 2013
When you actually apply for a loan the lender usually requests the last 2-3 months of bank statements. Clarification will be needed for reoccurring payments. One time payments are not a concern.
0 votes
Jeff and Kaye…, Agent, Colorado Springs, CO
Wed Feb 13, 2013
Talk to your specific Loan Officer but here are some thoughts. You may not be closing for a little while but you will need to get approved some time before closing and will need the bank statements for the final approval. You will most likely need to supply the statements that you have but many times the lender is not looking at your expenditures - as long as you have enough funds for clsoing and reserves if necessary. Unless the money going out looks like it is for loans and they may question those in order to prove there are no other debts that you are responsible for except what is on the credit report. Most likely they want to see if you have any deposits that cannot be explained. So if you had deposits and then the money going out you will need to supply pretty detailed and specific paper trails. Talk to your mortgage person and they should be able to give you the best direction.
0 votes
Ron Thomas, Agent, Fresno, CA
Wed Feb 13, 2013
Don't you think that this would a good question for Wells Fargo?
I am not authorized to speak on their behalf.
0 votes
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