Things to Keep in Mind Before Applying for a Bank Statement Loan
If you are in the market for a home, you are likely in the market for a mortgage loan. For some people, a traditional mortgage loan is out of the question. If you have applied for a traditional loan but been denied due to credit issues or inconsistent income, bank statement mortgage loans might be […]
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24 Month Bank Statement Loans – How to Qualify
With the ever-increasing number of freelance, gig-economy, and other non-traditional employment, it’s no wonder that some banks are moving away from only offering traditional, qualified loans. One of the newest programs for non-traditional workers is the 24-month bank statement loan. These bank statement loans take a holistic look at a worker’s income instead of relying […]
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How a Bank Statement Mortgage Works
If you have income that is difficult to document or take advantage of many tax write-offs, you might find it challenging to qualify for a traditional home loan. Regulatory measures from the Consumer Financial Protection Bureau can make it more difficult to qualify for a mortgage without a standard W2. Luckily, there is a newer […]
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Things that mortgage lenders fear seeing on bank statements
Why lenders require bank statements One of the critical documentation that your lender might ask for during a mortgage loan application process is your bank statements. The mortgage lender uses the bank statements to assess and verify the borrower’s credit history and the ability to repay the loan on the specified period. The lender uses […]
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Mishaps to look out for when applying for a mortgage loan
What are mortgage loans? Mortgage loans are a preferred method used by property and residential owners to secure loans to be used to raise funds to purchase or build real estate for or for any other purpose. The owner’s property or residential estate is used as collateral to secure the mortgage loan. The lender of […]
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Bank Statement Mortgage Loan Programs in 2019
Taxable income should not stop one from getting a low-rate mortgage. It is estimated that close to 12% of the American workforce are self-employed in 2019. At times, people who fit into the self-employed class have certain issues when it comes to acquiring loans. This is due to the fact that their documentation for income […]
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Lenders that Offer Bank Statement Loans
Essentially, Bank Statement Loans exist for the benefit of self employed persons who are unable to document their income and require assistance to qualify for a mortgage. In this case, a bank statement is used to verify income and qualify for a mortgage instead of tax returns. In other words, a bank statement loan is […]
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Mortgage Options for the Self-Employed
There are some who contend there has never been a time in American history where so many self-employed and entrepreneurial people have either started or are planning to start their own business. There are more than a few theories as to why this is taking place, but the practical reality of the situation is creating […]
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Steps to Ensure Quality with Bank Statement Loans
Bank statement loans are a new development in lending that makes it easier for self-employed people to borrow money. That’s because they’re designed to require only bank statements, rather than tax returns, to prove eligibility for a loan. Banks are able to see both your monthly income and outgoing expenses, giving them a clear understanding […]
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Frequently Asked Questions about Bank Statement Mortgage Loans
It is essential to understand the ins and outs of mortgages before you secure one. The last thing you want to do is to commit a financial mistake that may have severe repercussions on your future financial life. Make sure that you are armed with the right information that will help you to make an […]
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