Prequalification Letter
I thought I'd start a new thread rather than go under my Ameriquest post.
I spoke with the lender rep this evening and one of the things he wants is proof of funds that we can purchase the property.
I've got the money to pay all cash but I don't really want them to see my brokerage statement and I don't want to really give out my bank statement. I've got a preapproved letter from my lender but am not going to use it for this property.
Question - do I really have to let them see my personal brokerage/bank accounts? can I open a new account with one lump deposit to show the money is there? any other way around this like a letter from bank manager saying I've got sufficient funds in my account? can I show them my preapproval letter and then just pay cash?
naturally, all this is assuming we can come to an agreement with the home owners and then with Ameriquest.
Not all lenders require proof of funds to close. The lenders that do, require a Verification of Deposit or a new copy of a bank statement. Your mortgage broker should have other lenders available for you that will work. (ie stated income or stated asset loans.)