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Account Requirment

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MIgirl Guest	Posted: Sun Mar 27, 2011 3:45 am    Post subject: Account Requirment Like 0 Dislike 0 HI, I'm in the process of getting pre-approved for a construction loan. The bank I'm dealing with is well known, with many branches in the midwest. The loan officer says I must have a checking or savings account with that bank in order to obtain a mortgage with them. Is it normal practice, or even legal, for a bank to deny someone a construction/mortgage loan simply because the applicant has no accounts at that bank? All other financial factors are excellent in regard to my income, credit history, etc. Thanks. MIgirl _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
dipaligopale Joined: 25 May 2010 Posts: 790 22.70 Dollars($)	Posted: Sun Mar 27, 2011 9:00 am    Post subject: Like 0 Dislike 0 Hi MIgirl Welcome to Mortgagefit, As far as legal issues are concerned surely they can not force you to have a checking account /savings account with them but surely it is alway beneficial to have a checking account with the bank from whom you wish to take a mortgage loan...Because it eases the process of repayment of loan and further charges....which your local bank may charge you..just for processing your check... So the loan officer might have asked you to open the account in that context... There is nothing wrong with that...Nowdays there are plenty of free checking accounts are available (even online as well) so there is no big deal opening a new account with the new mortgage company.....You can go ahead... You may get this issue clarified either from the help desk of the company or from the loan officer... Feel free to ask any further query if you have.... DIPA _________________ 1.The best of intentions must still have directions !--Unknown author 2.When I hear somebody sigh, "Life is hard," I am always tempted to ask, "Compared to what?" - Sydney J. Harris
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Mon Mar 28, 2011 7:28 am    Post subject: Bank Like 0 Dislike 0 If it is the bank's money that is being lent to you for the construction loan, they can have any requirements they want to have. It is their money. Open the account with them and get your construction loan or find a construction loan someplace else. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
MIgirl Guest	Posted: Tue Mar 29, 2011 3:19 pm    Post subject: No need to get angry Like 0 Dislike 0 John, Your reply sounded very hostile...just chill.
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Tue Mar 29, 2011 3:23 pm    Post subject: Chill Like 0 Dislike 0 If statements of fact are hostile, so be it. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
MIgirl Guest	Posted: Wed Mar 30, 2011 12:58 am    Post subject: Like 0 Dislike 0 Breathe, John...
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12376 Location: bloomfield, ct 58.49 Dollars($)	Posted: Fri Apr 01, 2011 11:57 am    Post subject: Like 0 Dislike 0 Chill? Breathe? Hostile? Wow. John, I'm with you; the original poster ought to get over the shock of the requirement and either comply or move on - it's pretty simple and I'm not hostile, either. _________________ George M. Akerley Mortgage Underwriter/Consultant Word of Excellence- Writing/Editing/Proofreading 860-221-5044
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1310 Location: River Edge, New Jersey 274.62 Dollars($)	Posted: Fri Apr 01, 2011 12:17 pm    Post subject: Construction Loan Like 0 Dislike 0 I am breathing and chilling (snow predicted for today) She is a nice person. My answer was rather direct. I could have worded it differently: It is common practice that construction lenders require an account to be opened with them. Construction loans are not as readily available today as they were a few short years ago. Yo are fortunate to have found/gotten a construction loan. Although 41 years ago now, perhaps my West Point indoctrination cause me to be rather direct sometimes. Good to hear from you, George. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278

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