The Benefits of Bank Statement Mortgage Loans
Sometimes the perfect house or property can be found more quickly or suddenly than expected. Perhaps you haven’t even begun your official house search yet or you have, but you have only just begun and you haven’t even secured pre-approval for a mortgage loan yet. What can you do if you need a mortgage loan right now, but don’t have time to gather all of the needed income documents? Situations like this are the exact reason why we offer a Bank Statement Mortgage Program here at Select Capital Group. In this article, we will explain what a bank statement mortgage loan is and why it is a great option for self-employed homebuyers.What is a Bank Statement Program?
A bank statement loan is a type of mortgage loan where the lender uses bank statements to analyze the borrower’s income, as opposed to the standard income documentation. Typically, a lender will review the borrower’s average deposit anywhere from a 12 to 24-month time period (1 to 2 years) to determine the consistency of a borrower’s income after the borrower has paid any business-related expenses. Once they can identify your income, they can subsequently determine the maximum amount available to you on your loan, just like with a regular mortgage loan.Who Should Apply for a Bank Statement Loan?
While not everyone needs to go the route of a bank statement loan, there are a few groups of people who will benefit from applying for a bank statement payment loan, including- People who are self-employed or are business owners who can provide personal/business bank statements.
- People who need a mortgage quickly and don’t have time to gather their tax return documentation.
- People who are struggling to get a loan since they lack traditional documentation for income.
The Benefits of Bank Statement Loans
The primary benefit of this loan type is the fact that it can help people who can afford mortgage payments to qualify for a mortgage loan when they have otherwise struggled to get approved. However, there are many other benefits of securing a bank statement loan, including:- You don’t need to provide a W2 or tax returns
- You can easily qualify for larger loan amounts or higher county limits than traditional loans
- You can use it for a purchase or a refinance transaction
- You can get fast approval and a fast closing process
- You can be self-employed or a business owner for less than 100% ownership and still qualify
- You can have an irregular income or cash deposits and still qualify
Apply Today for a Bank Statement Mortgage Loan
Securing a mortgage isn’t always easy and it isn’t always a quick enough process to lock-in a house in the current fast-paced state of the real estate market. If you need a loan quickly or are struggling to get one because of your income history, then Select Capital Group’s Bank Statement Mortgage Loan Program can help! If you have read our previous blogs, then you know that we were the Mortgage Broker Award Winner of 2022 and we can help you to secure a mortgage even when other companies cannot. No more waiting: it’s time for you to get a loan and become a homeowner. Click here to apply for a bank statement mortgage loan.Share this post:
