When applying for a mortgage loan does it matter that you checking account is Joint account?

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I’m applying for a mortgage loan on my own but currently have joint checking accounts with my fiance. Does it matter that on my statements it also has her name or do I need to have her removed from the account?

mortgage document

with glasses

6 Comments
  1. Reply
    canes77
    February 21, 2011 at 10:11 am

    It didn’t matter for me and my partner. We have joint accounts, but I’m the only one on the mortgage. I did have to have a cosigner, but that was because of income issues, not having her name on it. Your loan officer will let you know if that would be in your best interests or not.

  2. Reply
    Jen C
    February 21, 2011 at 10:44 am

    If you are applying for a mortgage loan together, it does not matter who is on what account. They will want to see that you both are financially capable of paying for the loan so you will have to provide proof of employment, and if you were to default, you both would be liable for it.

  3. Reply
    Beverly S
    February 21, 2011 at 10:53 am

    If your fiance is going to be on the deed it won’t matter at all, even if only you are on the loan. If not what we do is use only 1/2 of the ending balance on the account statement as your assets. If you do take her off keep in mind that lender will ask for 2 months (minimum) statements.
    The reason for only using 1/2 is since it’s a joint account we assume 1/2 is the other persons. One final note: The reason for requesting the bank statements is to make sure you have the required amount for down payment, closing costs & reserves. Make sure to have no NSF charges or overdrafts- this can cause loan to be declined. Also any large/unusual deposits will be questioned- be prepared to document.
    Good luck!

  4. Reply
    Davin Liam
    February 21, 2011 at 11:09 am

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  5. Reply
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    February 21, 2011 at 11:27 am

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  6. Reply
    TheTruthAbout
    February 21, 2011 at 11:29 am

    Photo used in Mortgage Delinquencies Fall Across the Board article

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