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Napa's Loan Ranger Chris Salese: The exciting life of a bank statement

If you think about it, the account statement that’s generated by your bank each month is on quite a mission to find you.

It doesn’t matter if you receive a paper copy or an electronic version of it, your bank statement seems to eventually get to you.

For those of you who turn off all forms of delivery, that’s OK, you’ll still get notified when your statement is available. Basically, your bank statement wants to hang out with you, so please pay attention to it.

In fact, what if your bank statement had a voice and could talk to you. Would it be like Alexa or Google or the navigation system in your car?

Either way, I’m sure it would have a lot to say. The good news is that your statement usually has a name such as personal or business or trust or rental property or college to make it easier to call it.

But this is where many of you might get nervous and place it on mute or disconnect it all together. Yet for others, you may turn up the volume and have a party.

Regardless, your monthly bank account statement could play a big role in your home loan approval process because it effectively showcases everything about you.

If you have late fees of any kind, especially when paying bills, your lender will want to learn more about them and understand what caused them.

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Should you have non-sufficient funds penalties, your lender will request further information as to why this happened and if you have a history of mismanaging your account.

Most importantly, if you have unusual deposits that are not consistent with your normal deposits, you will need to explain them. These might be larger deposits, a series of smaller deposits or even deposits made at random locations that are not in line with your previous month’s deposit locations.

If you have multiple other accounts linked to your main account or you have numerous transfers of funds back and forth between them, your lender will ask you further questions.

Not to mention, if you have any secret purchases or embarrassing transactions showing on your statement, you should be aware that these types of line items are seen by all.

On the flip side, your bank account statement could be simple, clean and contain plenty of months of reserves and acceptable funds for your lender to use to satisfy some of the conditions of your loan approval.

In addition, your bank statements could be used in groups of 2, 12 or 24 months, which ultimately helps your lender to verify your income stream that’s used to approve your loan.

So, the next time your statement is available, whether it’s at the end of the month or the middle of a month, take a few moments to give it a look over.

Between dodging trash bins, shredder boxes and criminal hackers, your bank statements certainly have an exciting life that’s full of information to protect and share.

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Chris Salese can be reached at chris@delsurmortgage.com or 707-363-4439. He is a licensed California mortgage lender (LO NMLS #254469 — CA-DBO #254469 Corp NMLS #1850 Equal Housing Opportunity.

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