Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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I was told to plan to have 2 full months of bank statements showing the money already in the account (i.e., do not use the statement that shows a big chunk of money suddenly arriving in your account...
Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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I don't know about pre-2008, but they certainly ask those kinds of questions now. Maybe they don't in regards to 401k specifically, but I know that any amount going into your regular accounts within...
Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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Thought the one proven fact is how crazy a world we are living in . . . that paranoid is our only defense? ;)
How about the mortgage company is entitled to just the amount of information...
Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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Foreign income is income that is earned by a U.S. citizen that is employed by a foreign
corporation or a foreign government and is paid in foreign currency. Borrowers may use foreign income to...
Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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If I could tag a question on to this. . . what kind of income verification is normally necessary to get a mortgage? I have a really weird situation and I'm wondering if they just go to my tax returns...
Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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Like they have they much time to ask those questions. You are living in a paranoid/crazy out of touch world.
Just give then what they ask for and be happy.
Why do people create problems out of...
Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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I just had my mortgage approved (pending appraisal) last week. I only needed 2 months of statements, not a quarter. They ran a report and knew of my accounts but only asked for statements for the...
Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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Disclose ONLY what you need to disclose.
401K is not as important in a mortgage application if you have liquid assets which show adequate financial stability but you will ned to provide last...
Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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Trust me, they can run reports and learn about all your other accounts even if you do not disclose them. They did during my refinance.
Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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More is sometimes not better when it comes to documentation.
As previously mentioned, many times a borrower will have multiple accounts where some are not needed to qualify. Sure you can show...
Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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time...and the additional time it will cost you when/if they start to question everything else you have submitted.
I noticed your 401k account jumped 8k in one month...was that a bonus?...was...
Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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Why not? Seriously - other than the time to collect the info, what have you to lose?
Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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I agree.
Keep it simple. Tell your mortgage broker/banker etc. I want the best rates w/ least amount of paperwork. let them figure out what you need. I Had enough to qualify for my loan...
Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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Thx all, i just didnt want to provide all the supporting paperwork etc, thats all.
Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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If you do not need the 401k as a reserve requirement to qualify then you do not need to disclose it;
In fact, this time of year when I get a March 31 Q1 statement i would alleviate it from the...
Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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There is no harm in disclosing only one or two accounts. The lender wants to see that you have more than enough money to pay all the closing costs plus preferably several months of payments. That...
Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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I don't see why they would not either. Its not like if you go bankrupt they will be able to take it.
Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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Why would you not want to?
Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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I'm thinking that by disclosing assets, you might get a lower rate.
Mortgage - asset disclosing question
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Thread created 06-03-2013 by GlobWarmNoGood
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20 Replies
1,945 Views
Disclose everything they ask for.
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