How Do Bank Statement Loans Help Self-Employed Individuals?
If you are self-employed or a business owner, there comes a time when you want to purchase your dream home or refinance the existing one. However, since you are self-employed and you do not have salaried income, getting qualified for bank statement loans can be easier than qualifying for a traditional home loan. Self-employed individuals […]
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Who Needs Bank Statement Loans?
Bank Statement Loans is a program meant mostly for the self-employed. They buy and can refinance their homes without worrying about tax returns and provision of the extensive documentation. The small business owners, freelancers, entrepreneurs, and self-employed persons are advised to get a bank statement mortgage loan at a low-rate without being stopped due to […]
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Why Lenders Want To See Your Bank Statements
Do you manage your money responsibly? If you know the financial weaknesses that are deal breakers for lenders, you can strengthen your chances of being given a loan. Mortgage lenders are trained to spot financial mismanagement, and they carefully review your application to decide whether to approve or deny you a home loan—your transaction history […]
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Bank Statement Loan Requirements You Should Know About
Self-employed individuals have the opportunity to finance a new home in the form of bank statement loans. With this option, they no longer need to use tax returns. What they can do is provide the lender with a proof of income. Anyone who can prove that they can repay what they owe can almost qualify […]
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7 Questions You Should Ask Yourself Before Getting A Bank Statement Loan
Acquiring bank statement loans isn’t difficult as some financial companies don’t base their decision entirely on the credit score. They do consider the borrower’s monthly bank statements to determine if he’s capable of repaying the loan. If you’re planning to apply for bank statement loans to finance a home, find a company who can give […]
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How bankruptcy affects mortgage lending
Consequently, before you file for bankruptcy, you should first understand the possible risks and benefits that may arise and how the process can affect your mortgage lending. The following are some of the ways on how bankruptcy affects mortgage lending: Considering your mortgage before you file for bankruptcy I. Bankruptcy can help prevent […]
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Bank statement mortgage loans 101 for brokers
What is a mortgage A mortgage is a legal agreement or statement that is utilized by credit financiers or banks to lend money to borrowers at an interest rate in exchange of the debtor’s title for a specific property. Usually, the conveyance of the title of the debt becomes void upon payment. Who are Mortgage […]
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