|
Documenting Your Liquid Assets
When gathering documents for your mortgage loan application, you may be asked to supply account statements that document your liquid assets.
Examples of these types of accounts include:
- Checking
- Savings
- Money Markets
- Retirement accounts to which you have access
- 401(k)
- 401(b)
- IRA
- Roth IRA
- Stocks
- Bonds
- CDs
Underwriters will want to see complete statements that usually covers a 30- or 60-day period. So, what is a complete statement?
A complete statement has the following criteria:
- Your name
- Your account number
- The bank's name including one of these two additional items:
- The bank's logo
- The bank's name inside the web address if you're printing an online statement
- A complete transaction history, including deposits and withdrawals, for at least a continuous period of time
- An ending balance
- All pages from the statement, even if a page appears blank or unimportant.
- You may know that page 5 is blank or only has marketing material on it, but all the underwriter sees is 4 out of 5 pages.
For an example of a complete statement, click here. You'll notice this statement covers a 30 day period. So, if the underwriter requires 60 days of statements, you would need two consecutive statements.
What if you don't receive printed statements, but can access them online? You can then download the entire statement and either email, fax or mail the hard copy to us.
If you are printing your statements online yourself, you may have the ability to select your own statement period. Please select the most recent 60 day period allowed. Again, don't forget to submit all the pages you print, even if they appear blank or unimportant.
What if you don't save your account statements and you don't have online access to them? We may be able to mail a form called a Verification of Deposit (VOD) to your bank. Your bank may charge you a fee for doing this (typically between $10 and $35), or they may ask us to pay the fee in advance. We must mail this form ourselves, as the underwriter will not allow you to obtain the VOD yourself.
If you have any questions at all, please feel free to contact Security First Financial Services at 360-755-1549.
|
