We bring in 85K a year, been on the job for 5 years and up, stable empoyment, 401Ks, IRAs….but we were pretty stupid with spending the last few months, although all bills were paid (rent, car note, insurance) we used payday loans to cover entertainment expenses like a couple idiots.
So, will the lender say screw off when they see those on our statements?
Based on our credit and income, they already said they can approve us, but they require these statements and i’m scared.
Related Post :
Other post:
- Can you deduct home mortgage interest, home insurance and real estate taxes on home you never occupied?
- Debt Consolidation Loans: Improve Your Financial Situation With a ...
- Smart Financial Management Tools: AEX Commercial Financing Group's ...
- Payday loans: good idea or not?
- Bad Credit Auto Loans | LIFE & SYTLE
You have little choice. Almost all lenders now require three months’ of bank statements.
Well it all depends on how much these loans are and if you are paying them off or have good history on paying them. You can always check your credit yourself and see how it looks. My husband and I did that before being pre- approved for a loan. It is important to know your credit score.
I would say probably not. Your credit report already showed those transactions, so they know they’re there. All the bank statement shows is that there were payments made.
The bank statements are required to verify your assets. Ask them is you can block out any withdrawals you’d prefer to keep private. We we did no income/no asset loans, we told people to block out anything that indicated their income because if we saw it we had to use it.
You shouldn’t have any issues. But keep you noses clean until after closing. Meaning don’t buy a damn thing on credit!
You lender wants to verify that you have enough funds to cover the down payment, closing costs, and then some. If you don’t have the total amount of money save, your lender will probably have you create a spending/savings budget plan on paper to show that you can come up the entire funds needed by closing time.
I doubt they will review your bank statements line by line. However you should disclose any debt that you are currently carrying. It will show up in your credit report anyway.