I have excellent credit and was pre-approved for a home loan. I bounced 3 checks last month, which I have never done before and was due to a lack of communication with my husband about what day I get paid at my new job. Anyway, I have to submit my bank statements to the mortgage lender this week. Will this cause a problem? Thanks!
2007-11-13 06:01:31 · 7 answers · asked by Luv2Answer 7 in Business & Finance ➔ Renting & Real Estate
It can be an issue but they are usually willing to work with you. Good luck.
2007-11-13 06:09:05 · answer #1 · answered by Anonymous · 1⤊ 0⤋
It could be. If the checks were covered quickly, the loan agency may forgive them. Explain the situation of the mis-communication. Be honest, bring at least 6 months of bank statements along with you, to establish the habit of not bouncing checks. Check with the banking institution you have your checking account with, see if they have a service that provides coverage for the bounced checks before they actually bounce. The checks are usually submitted 2 or 3 times before the checks are returned for insufficient funds. Just ask them for check coverage in case this ever happens again. Good Luck!
2007-11-13 06:21:04 · answer #2 · answered by Jana 4 · 0⤊ 0⤋
I used to work in the loan business. What the loan company is looking for is a V.O.D., in layman's terms Verification of Deposit. What this usually entails is double checking with the bank that you have been maintaining the balances and income that you stated on the loan. Many lenders will ask the bank if you have a history of overdrawn funds. Most banks are especially curious about how you have maintained your accounts in the past 6Mo to a year. If this is your only occurrence, you probably don't have a thing to worry about. If the subject comes up; just give them an honest answer. Lenders realize that mistakes can and do happen. Good Luck!
2007-11-13 06:17:22 · answer #3 · answered by Rebecca K 3 · 1⤊ 1⤋
Beware of advance fees, Transfer, Tax and Insurrance fees. I got my Business loan from Perfect Loan House. I was Approved a loan of $21,000.00 within 4 working days at a very affordable interest rate. I advice you go there for your loan. Business email: Perfect_loanhouse@yahoo.com
2007-11-14 04:39:38 · answer #4 · answered by Anonymous · 0⤊ 1⤋
Doubtful. You could explain it was an error in your check book. Does happen.
They are actually looking for deposits to verify your claimed income.
I have to say, never heard of Bank Statements required.
2007-11-13 06:11:48 · answer #5 · answered by ed 7 · 1⤊ 0⤋
Unlikely. If your credit was questionable, or this was a pattern of behavior, it would be a problem. An isolated incident? Shouldn't be an issue.
Good luck getting your new house!
2007-11-13 06:58:44 · answer #6 · answered by godged 7 · 1⤊ 0⤋
There shouldn't be any problem, just explain to him what happened.
2007-11-13 06:10:14 · answer #7 · answered by Kansas Z 6 · 1⤊ 0⤋