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Getting a mortgage loan...
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sometimesmommy
Always in my heart.....
Member since 11/06 6686 total posts
Name:
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Getting a mortgage loan...
Can anyone explain the guidelines for getting a mortgage NOW. My coworker said her lender wants her to have X amount in an account that she canno touch for a specified amount of time... Is it that strict now?
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Posted 6/16/08 12:51 PM  |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Getting a mortgage loan...
Most banks require you to have a specified amount of liquid funds in the bank. It depends on how much you are putting down.
What did your lender say you needed?
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| Posted 6/16/08 12:56 PM |
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qtdimps231
LIF Toddler
Member since 11/07 477 total posts
Name:
Diana
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Re: Getting a mortgage loan...
i think they want to see 6 months of mortgage payments in your account. personally i think that they want to know how much is in your account so they can hit you with a higher closing cost on the last day and know you can afford it. thats just my opinion.
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| Posted 6/16/08 1:02 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: Getting a mortgage loan...
Posted by qtdimps23
i think they want to see 6 months of mortgage payments in your account. personally i think that they want to know how much is in your account so they can hit you with a higher closing cost on the last day and know you can afford it. thats just my opinion.
What makes you think they want to see bank statements so they can charge you extra on closing costs?
I have never heard of that before and I find it to be quite bizarre. There are only so many things they can charge you for by law based on the Truth in Lending disclosure.
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| Posted 6/16/08 1:08 PM |
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mosh913
baby boy coming spring '11
Member since 5/05 3133 total posts
Name:
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Re: Getting a mortgage loan...
Posted by ave1024
Posted by qtdimps23
i think they want to see 6 months of mortgage payments in your account. personally i think that they want to know how much is in your account so they can hit you with a higher closing cost on the last day and know you can afford it. thats just my opinion.
What makes you think they want to see bank statements so they can charge you extra on closing costs?
I have never heard of that before and I find it to be quite bizarre. There are only so many things they can charge you for by law based on the Truth in Lending disclosure.
I think that's just her thoery. I don't think she is totally serious.
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| Posted 6/16/08 1:16 PM |
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qtdimps231
LIF Toddler
Member since 11/07 477 total posts
Name:
Diana
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Re: Getting a mortgage loan...
Posted by mosh913
Posted by ave1024
Posted by qtdimps23
i think they want to see 6 months of mortgage payments in your account. personally i think that they want to know how much is in your account so they can hit you with a higher closing cost on the last day and know you can afford it. thats just my opinion.
What makes you think they want to see bank statements so they can charge you extra on closing costs?
I have never heard of that before and I find it to be quite bizarre. There are only so many things they can charge you for by law based on the Truth in Lending disclosure.
I think that's just her thoery. I don't think she is totally serious.
Thanks...that's just how i feel. i hear horror stories about how people go to closing and get charges more than they were told in their estimate. i know it's just an estimate, but it should be close.
And my bank wanted to see my statements from my savings account and checking accounts to prove i can pay for the closing costs.
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| Posted 6/16/08 2:07 PM |
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