Navigating the mortgage application process can feel overwhelming, but it doesn’t have to be. By following a few straightforward guidelines regarding your bank statements and deposits, you can significantly streamline your application and approval process. Here’s a simple guide to help ensure everything goes smoothly.

1. Provide All Numbered Pages of Each Account Statement
When submitting your bank statements, always include all numbered pages of each document. For instance, a statement labeled “Page 1 of 8” might only be a cover sheet, while “Page 8 of 8” could be blank or feature advertisements. Underwriters need to see every page to fully understand your financial picture, so don’t omit anything!

2. Identify Your Deposits Clearly
Deposits that are not clearly identifiable as coming from your employer may raise questions during the underwriting process. If the source of these funds is unclear, you may be asked to provide additional documentation to clarify their origin and purpose. To avoid potential scrutiny, make sure your deposits are easily traceable.

3. Document Your Deposits
Start keeping copies of all checks and deposit slips. This simple habit will help you maintain clear records of your transactions and provide the necessary proof when it’s needed. Proper documentation can expedite the underwriting process and minimize the likelihood of complications.

4. Handle Cash Deposits with Care
Cash deposits can complicate matters significantly. Avoid mixing cash with checks, as this can create difficulties in tracking where the funds came from. If you must make cash deposits, ensure you can document their source. Transparency is crucial when it comes to handling cash transactions.

5. Understand Fund Transfers
Transfers between your accounts are treated similarly to deposits. If you’re moving money from one account to another, you’ll need to provide statements for both accounts. Additionally, if the transfer is a gift from a family member, it’s essential to consult with us about the proper documentation process to follow.

Bottom Line:

By following these guidelines, you’ll make it easier to demonstrate that the funds going into your accounts are not borrowed. Underwriters need to be confident that any debt is accounted for, even if it comes from private loans.

When in doubt, remember that we are here to assist you. If you have any questions about the mortgage application process or need clarification on any of these points, don’t hesitate to reach out. 888-616-9885