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Refinancing a home loan...

My husband and I are refinancing our home loan. They asked for the past 2months in bank statements b/c they needed to make sure we had money to cover closing costs. I sent them the first page of the last 2 months. It contains all the accounts we have and how much we have in them. I received an email today stating that they need ALL the pages. Why would they need to see what we spend our money on? When we first bought our house I'm pretty sure we only sent in the first page of the statement. I just think that's weird... Is this normal that they need ALL the pages to see what you spend money on?


Asked by Anonymous at 10:26 PM on Jun. 3, 2011 in Money & Work

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Answers (5)
  • I think it's just to look at the cashflow.The current or statement date balance doesn't show much. Even your average daily can look a lot different than your actual cashflow if you keep money in your account 30 days of the month, then write all your bills on the 31st and overdraw...

    I don't think they care if 100% of your money was spent on Sponge Bob trading cards, just the overall flow of the money.

    Answer by KateDinVA at 11:19 PM on Jun. 4, 2011

  • I suppose that it would show if you had overdrawn your account sometime in the middle of the month, or if you were drawing out money to juggle it around with credit cards or something like that.

    Answer by JulieJacobKyle at 10:32 PM on Jun. 3, 2011

  • Doesn't seem to strange to me honestly. I'd probably want to know that info too if I were a bank. If they have a problem with something then talk to them an explain it.

    Answer by kayslay at 10:33 PM on Jun. 3, 2011

  • we don't have anything to hide, but I just thought it was odd. But I can see they want to make sure we aren't juggling money around. Thanks..

    Comment by Anonymous (original poster) at 10:37 PM on Jun. 3, 2011

  • We had to send in all of ours. I am kinda like you in thinking it's not really any of their business what we spend on our money on as long as we make the payments, then again, I am at their mercy wanting a better interest rate. Sadly the money we saved on our refinancing was made up for by increasing City and County taxes last year and now again this year. Sheesh, just can't catch a break.

    Answer by kc932 at 10:14 AM on Jun. 4, 2011

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