What does a bank need from me regarding my investment account?
I am applying for a mortgage. I have an investment account. Does the bank care about how much I have in there? If so, what does the bank need to see regarding that account?
Tags: Account, applying for a mortgage, bank, care, from, investment, investment account, mortgage, need, regarding
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July 30th, 2010 at 9:32 pm
your monthly brokerage statement will suffice.
July 30th, 2010 at 9:58 pm
The bank is satisfying a “reserve” requirement. The lender wants to make sure that if you lost your job or other source of income, that you would be able to make your mortgage payments in the interim. Generally a brokerage statement will suffice. Just keep in mind that generally banks only count 50% of investment assets towards reserves because of market volatility.
Cheers!
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