When you apply for a mortgage, do lenders check the average balance of all your accounts (checking, savings)?

Question

When you apply for a mortgage, do lenders check the average balance of all your accounts (checking, savings)?

Answer 1

Depends - we only verify the assets we need to verify.  It depends on each situation - we may only need 1 bank statement, we may need all of them.  Many factors go into asset verification.  We don't check the average daily balance either - we look at the bottom line figure.

Answer 2

The lenders want to know if you have a checking or saving account and all of your incomes or resource.

Answer 3

No.  The lenders are experts in summing you up completely in 15 minutes.  They know all about your banking talents after looking at 2 statements.  Here's what they want:  a steady track record of savings.  If you have it you get a loan.  If not, you get a whole bunch of excuses why your loan is going to take "just a few more days " to process but it never seems to get done.  You can do it.  Get to work. /

Answer 4

the lender will use the ending balance on your current bank statement.  If you have added a paycheck or two since the last statement you can provide a current daily balance.