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Old 08-01-2013, 02:29 PM
 
123 posts, read 246,430 times
Reputation: 30

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When getting pre-approved for our loan, we were asked for our bank statements for the past 2 months. I realize this is common. I gave her our bank statements for my husband and I's joint account that we use on a day to day basis.

I have kind of forgotten that I have another old bank account open. My dad was going through a bad divorce so I kept it open so that he could use it and it wasn't under his name. It is now a joint account and both of our names are on it. I don't use it, I don't get statements for it, I don't deposit money, or anything. I had actually forgotten about it.

I'm wondering if this can come up later in the process and be an issue? I've asked him about closing the account but he wants to continue to use it because all of his bills are set to come out of that account.

Should I bring this up to my LO? Ignore it? Convince my dad to close the account?

What do they really look at bank accounts for other than weird deposits or overdrafts? Do they have a way to run my social security number and see all my bank accounts?

We are building and it should be at least 6-8 months before we close.

Thanks!
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Old 08-02-2013, 08:42 AM
 
Location: NJ
20 posts, read 41,207 times
Reputation: 15
no they will not look into other accounts. We will not ask for documents unless we ened them to qualify. At least a good loan officer will. you should be fine.
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Old 08-02-2013, 08:51 AM
 
Location: The Triad (NC)
26,881 posts, read 57,977,821 times
Reputation: 29332
Quote:
Originally Posted by jmc912 View Post
I have kind of forgotten that I have another old bank account open.
I had actually forgotten about it.
I'm wondering if this can come up later in the process and be an issue?
How many millions do you have in it?
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Old 08-02-2013, 09:00 AM
 
4,546 posts, read 11,557,169 times
Reputation: 3068
Quote:
Originally Posted by LO/SF View Post
no they will not look into other accounts. We will not ask for documents unless we need them to qualify. At least a good loan officer will. you should be fine.
^^What he said.

Just don't mention that account nor put it on your application.
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Old 08-02-2013, 09:45 AM
 
3,322 posts, read 7,264,972 times
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One VERY important note: don't move money around using that account. In fact, don't move money around at all, or you will have to provide the deposit slip, source docs (check - if cash, those funds might not be allowed to be used), and if it's from another bank account, you will need that bank statement - - and then any large deposits (say, over $300) will then have to be sourced from THAT one.

Huge inconvenience.
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Old 08-02-2013, 10:43 AM
 
Location: New York
2,251 posts, read 4,165,968 times
Reputation: 1607
Quote:
Originally Posted by TimtheGuy View Post
^^What he said.

Just don't mention that account nor put it on your application.
Well said.....

Banks are very predictable - they work with information that you give them. Other than a tittle report for any liens, or if they run the 4506T with the IRS checking income. Anything you give them is more to examine to delay your closing.

I concur don't even mention it.
..
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Old 08-03-2013, 02:32 PM
 
123 posts, read 246,430 times
Reputation: 30
Thanks everyone!! That's what I figured I just wanted to make sure. I have nothing do with the account except for it being under my name and I don't do many transfers.

I'm trying to give them as little information as they need... Only give them what they ask for!
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