If you’re looking at financing options in the United States, you might be wondering “What do mortgage lenders look for on bank statements?”
We share some of the most important considerations below.
Additionally, we’re going to share details on how non-residents can establish US credit history and access credit products like US credit cards for foreigners and US mortgages. Alternatively, if you’re interested in the history of credit cards and when credit scores started, you can access our free guide linked here for more information.
Feel free to jump ahead to the areas most relevant to you by using the table of contents below.
Table of Contents
- Mortgage Lenders & Bank Statements
- US Financing for Non-Residents & Foreigners
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
Mortgage Lenders & Bank Statements
When it comes to applying for a mortgage, one of the most basic requirements is providing past bank statements for the lender to review. So, it’s no surprise if you’re wondering what do mortgage lenders look for on bank statements.
In general, mortgage lenders are looking for information related to three categories, which include:
- Confirmation that you can afford this mortgage comfortably
- Confirmation that you meet your financial obligations on time
- Signs that may suggest you’re not a suitable borrower
Let’s take a closer look at both of these categories
Confirmation That You Can Afford the Mortgage
- Cash for downpayment and closing is available in your account
- Sufficient monthly income to pay the mortgage
- Emergency fund to support you while continuing to pay the mortgage
Confirmation That You Meet Your Financial Obligations on Time
- Past checks that have bounced from your account
- Frequent use of overdraft facilities
- Signs of insufficient funds to meet obligations
Signs That May Suggest You’re Not a Suitable Borrower
- Large undisclosed transfers from unclear sources
- Source of downpayment (must meet lender guidelines)
- Regular payments to an undisclosed person or creditor
Do You Want More USA Banking Insights?
Sign up here to receive our Free USA Banking Starter Guide. It’s designed to help non-residents with opening bank accounts at top financial institutions in the US.
US Financing for Non-Residents & Foreigners
Yes, non-residents and foreigners can access financing in the United States. Non-residents can access US mortgages, US credit cards, and US loans from a range of different lenders. It’s even possible for non-resident Indians to apply for the best credit cards for NRI in the US.
Of course, the specific lenders that will provide financing to non-resident borrowers vary. Likewise, if you are looking for a US credit card, there are only a few options that you can consider if you do not already have an established credit history.
With this in mind, our team published a detailed report on how non-residents and foreigners can establish credit history in the United States:
- US Credit Card Strategies for Foreigners & Non-Residents
This is the most comprehensive report ever written on the subject, and you can get access to it immediately.
It includes a step-by-step approach to establishing and building credit history in the United States, which is the first step in being able to qualify for most financing options.
That said, there are financing options that non-residents can access without US credit history as well, which we share with members of GlobalBanks USA while helping them find the best banks that meet their needs.
Frequently Asked Questions
Below are two of the most common questions that we receive from people looking to better understand the requirements of mortgage lenders. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Do All Mortgage Lenders Require Deposits?
All mortgage lenders require deposits for standard mortgages that they offer to retail clients. However, the specific amount required can vary from bank to bank, state to state, and country to country.
That said, if you are looking at mortgages through existing private banking relationships, you may be able to access asset-based financing such as a Lombard loan. Of course, to access facilities like Lombard loans, you need to have an existing balance of cash or investments with the bank that exceeds the value of the mortgage that you want to obtain.
What Else Might Mortgage Lenders Require?
Mortgage lenders often have several different requirements before assessing an application. These requirements typically include proof of income, tax returns, a qualifying credit score, qualifying debt-to-income ratios, and more.
That said, each mortgage lender may have different requirements. So, before going through the process of applying for a mortgage it can make sense to get confirmation of their requirements to understand whether or not you will be able to qualify.
Ready to Open Accounts With Banks in the USA?
If so, you can get access to GlobalBanks USA (our dedicated US banking service) in just a few clicks.
GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.
When you join, you receive…
+ Expert suggestions on where to open US bank accounts.
+ Step-by-step support to navigate opening US bank accounts.
+ Direct introductions to helpful and responsive bankers.
+ Plus, detailed guides to maximizing the value you get from your new US bank account.
And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about GlobalBanks USA, visit the product page to see how our team can help you successfully open US bank accounts!
