Mortgage Rates
Refinance Rates
FHA Rates
VA Rates
Jumbo Rates
Adjustable Rate Mortgage Rates
Interest Only Mortgage Rates
Non-Owner Occupied Rates
Home Equity Loan Rates
Mortgage  Question?
»
»
Required Provide Statements All Bank Accounts Mortgage?

Are you required to provide statements for all of your bank accounts when you apply for a mortgage? I have multiple bank and investment accounts and am not sure what information lenders require.

Michael Jensen, Mortgage and Finance Guru
, Mortgage and Finance Guru

You are required to provide bank statements for accounts that are used to pay for a down payment, that show proof of the reserves required for the mortgage or if income from an account is used to qualify for a mortgage. For example, if you intend to use funds in a savings account to pay for your down payment on a home, lenders typically require that you provide two months of bank statements for that account to verify your source of funds. Please note that most lenders require that down payment funds are "seasoned" or held in a bank account for two-to-three months before you apply for a mortgage.  So if you plan on transferring funds from one account to another to pay for a down payment, keep this "seasoning" requirement in mind. 

 Additionally, if you generate dividend or interest income from an investment account and you want to use that income to qualify for a mortgage, lenders require that you provide at least two months of statements for the investment account.

For borrowers with multiple bank or investment accounts, you typically are not required to provide statements for accounts that are not directly related to your mortgage application.  For example, you may have a savings or brokerage account that does not hold the funds that you intend to use for your down payment or mortgage reserves.  In this case, you likely would not be required to provide statements for those accounts because the funds held in the accounts are not being used to qualify for the mortgage or complete the home purchase.

Guidelines on the documents required for a mortgage can vary so we recommend that you consult multiple lenders in advance of submitting your application.  

« Return to Q&A Home
%
Current Mortgage Rates as of May 24, 2019
  • Lender
  • APR
  • Loan Type
  • Rate
  • Payment
  • Fees
  • Contact
View All Lenders

%

Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.

About the author

Michael Jensen, Mortgage and Finance Guru

Michael is the co-founder of FREEandCLEAR. Michael possesses extensive knowledge about mortgages and finance and has been writing about mortgages for nearly a decade. His work has been featured in leading national and industry publications. More about Michael

Michael Jensen LinkedInLinkedIn | Email Michael JensenEmail