JSMedia – Do mortgage lenders look at utility bills? The answer is definitely yes. But they don’t check these bills before closing. Lenders will only look at them if they’re involved in your application, so you can avoid having your utilities shut off in your name.
Also, don’t finance a big purchase with the money you’re borrowing to pay for your new home. This will negatively affect your credit score and debt-to-income ratio, which can affect your ability to qualify for a loan.
Aside from the monthly utility bills, mortgage lenders will also check your bank accounts. Make sure you disclose all of them, especially savings accounts. Any bank account with a regular cash flow or savings is important to the approval process.
Do Mortgage Lenders Look at Utility Bills?
These financial statements will help your lender decide if you’re a good candidate for a mortgage. The lender will also check your income and expenses, so be sure to submit them with all your documentation.
It’s also important to disclose all of your bank accounts. Whether you’ve been saving for the future or have regular cash flow, you’ll have to disclose this information to your mortgage lender. You’ll need to provide copies of your utility bills and other documents proving your income and assets. If you’ve been receiving payments for a long time, your lender will ask you to show proof of the funds in your savings account.