Accord Mortgage

gladiator78383

I am currently going through a mortgage application with Accord. Today its the first day they came back asking 2 questions about my bank statement and also one more question about how much is my cc balance currently.

how do you think its going? If they had any more questions would they have asked everything today or can they still come back and ask more unrelated questions to the ones they just asked?

another thing is, do you think they passed my credit report now and they are just reviewing my bank statements? I did not have any late payments, ccj or defaults but i did have payday loan which i fully settled in the past year. Would have they not declined me before asking about my bank statements?

thanks in advance.

Hoenir

We've no idea why an underwriter is delving into your finances in greater detail. Needless to say something has caught their attention. 

ACG

Credit check should be done. 
The underwriter can still come back and ask more, but I think it is unlikely. 

I used to HATE Accord (so much so, I took them off our panel of lenders as their standards were FAR lower than mine). But in the last 8-10 years they have become one of the best. I think you will be fine. Sounds like the credit balance declared differs from what is on the credit report so they just want clarification (possibly because it will affect the mortgage amount they will offer). 

The transactions could be a problem or not... If they are commitments and were not declared, it might affect affordability. If they are just large transactions or transfers, they might just want to understand a little more. If they are undeclared commitments, then it might affect the maximum loan. If they are just one off large transactions it should be fine - but you should know the answer based on the transactions. 

gladiator78383

@ACG  thank you. they did not ask for any transactions I am paying. They asked for 2 one off transactions that came in in March. Also they only have that March bank statement never asked for any more.

ACG

I think you will be fine then.