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Loans - Is the amount of money already in your account a factor?
Would it make a difference applying for a loan with a bank account equal to say, 50% of what you're asking for as opposed to one with 10% of what you're asking for when loan applying?
Additional Detail: It would be a personal loan.
1 Answer
- 10 years ago
When applying for a loan sometimes they ask to see that you have a reserves (normally 2 months worth the payment) or if you need to bring money to closing it will matter. But having more money in your account doesn't really weigh in when getting a loan. If you are purchasing a home and you have 50% of what you are asking for just put more down on the house to lower your loan amount. It won't really matter if you have 50% or 10%. You just need to have what they bank is asking for.
Source(s): I have worked at a mortgage company for 8 years