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| *Loan,banking and credit>>>bank loan |
What are loan processors looking for when reviewing you bank statments for a home loan? |
I show withdrawals of cash from an ATM at a casino and have put some cash back in. My bills are always paid. Do I have to explain the withdrawals (usually around 300 dollars)? They are mainly looking for regular deposits (your paycheck), and regular payments (your bills). A very large withdrawal or deposit may get their attention, but they won't care that you go to casinos once in a while. They are really looking for balances and regular income. They are trying to assess whether you are a good credit risk. i wouldn't sweat the ATM withdrawals. If you'd feel better, use an ATM that's not at the casino next time. No. They are looking for you average monthly balance. Depending on your type of loan, they may be looking to verify your income or determine if you have an appropriate amount of money saved (2-4 months of full mortgage payments). what they really want to know is that you didn't get a loan from someone else like a parent or friend to qualify. The reason they want to know this is that a side loan will affect your ability to play. they are just making sure |
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