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Old 01-20-2011, 09:09 PM
 
37 posts, read 115,723 times
Reputation: 22

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Hi,

I have been talking to few lenders for the single family home purchase loan and all are asking for the recent bank statement/transactions.

I am going to provide 2 recent paystubs and allow them to run the credit check. But still WHY the lenders ask for the recent bank statement/transactions ?.

Is it legal to ask for the "recent bank statement/transactions" ?. I am not comfortable to show my recent bank statement/transactions and SAVINGS to 'someone' else ?

Is it a normal practice ?

Thanks,
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Old 01-20-2011, 09:29 PM
 
Location: The Big D
14,862 posts, read 42,710,702 times
Reputation: 5787
This is normal. Every single time we have gotten a mortgage we have had to show ALL pages of the last 2 bank statements. They want to know that any and all money you are going to be putting down as a down payment is YOURS and not a loan even from family. Yes, it is VERY LEGAL for them to ask for bank statements and they want EVERY SINGLE PAGE for those last 2 months. Not just the first page that shows the beginning and ending balance.
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Old 01-20-2011, 09:52 PM
 
247 posts, read 564,407 times
Reputation: 190
It is normal. They want to know pretty much everything about you, considering you might be borrowing a lot of money from them. Don't worry about it...its not worth stressing over or anything.
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Old 01-21-2011, 02:06 AM
 
Location: Dallas/Fort Worth, Texas
4,207 posts, read 15,204,215 times
Reputation: 2719
You will be asked for your most 2 recent statements now for pre-approval and when you are about to close (approx. 2 days) they will ask you again for the latest statement and pay stub. They check for deposits and to make sure that the money for your downpayment is seasoned.

Naima
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Old 01-21-2011, 11:37 AM
 
37,315 posts, read 59,552,891 times
Reputation: 25335
and I also think they look for spending patterns--to make sure that you are not draining your account each much
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Old 01-21-2011, 11:56 AM
 
Location: DFW
12,229 posts, read 21,399,587 times
Reputation: 33266
Quote:
Originally Posted by planoin View Post
Hi,

I have been talking to few lenders for the single family home purchase loan and all are asking for the recent bank statement/transactions.

I am going to provide 2 recent paystubs and allow them to run the credit check. But still WHY the lenders ask for the recent bank statement/transactions ?.

Is it legal to ask for the "recent bank statement/transactions" ?. I am not comfortable to show my recent bank statement/transactions and SAVINGS to 'someone' else ?

Is it a normal practice ?

Thanks,
If you are not comfortable sharing your full financial situation with the people you want to borrow lots and lots of money from, your option is to save your money up and pay cash for a home. A mortgage is not an inalienable right.
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Old 01-21-2011, 12:00 PM
 
Location: The Big D
14,862 posts, read 42,710,702 times
Reputation: 5787
Quote:
Originally Posted by Debsi View Post
If you are not comfortable sharing your full financial situation with the people you want to borrow lots and lots of money from, your option is to save your money up and pay cash for a home. A mortgage is not an inalienable right.

True. Why would someone want to LOAN you money but not know your personal financial history.

Guess they should have bought a house back in the heyday a few years ago w/ the no questions asked mortgages being given out. And now they are all in foreclosure......
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