Bank statement loans can be a good alternative to traditional mortgage products.. With these loans, a buyer’s capacity to pay is determined through their bank statements and banking history instead of W-2’s, pay stubs, and tax returns. They are sometimes referred to as self-employed mortgages.
What Are The Advantages?
A bank statement loan is designed to deal with the fact that it is harder for self-employed people to prove the amount of their income. The lender will ask for documents like your bank statements and credit card statements. If you have enough money in your accounts and on your credit card, then the lender will use that to determine your income.
- Easier Qualification. Bank statement loans can be easier to qualify for than other types of mortgages. You also won’t have to provide a W-2, bank statements, or your tax returns to the lender. This is a good option for you if you’ve had problems qualifying for a mortgage because of irregular income.
- Faster Process. With bank statement loans, you’ll be dealing with less paperwork. Combine this with less stringent loan requirements, and the whole process of taking a loan becomes more streamlined. You’ll be able to get your loan faster than with a traditional mortgage.
- High Loan Limits. One of the big advantages of bank statement loans is that they allow you to borrow more money. The loan limits on bank statement mortgages can be higher than other types of mortgages. This means that you may be able to get a better deal on your home. It also gives you more resources as you build equity in your home.
- Flexibility. You can use a bank statement loan for a number of different purposes. Whether you’re looking for funds to buy a new home or trying to renovate a rental property, you can use bank statement loans. You can also use them to refinance your home or even consolidate debt.
Your Team at America’s Mortgage Solutions
Bank statement loans are a good option for people who are self-employed or have a business. Because they allow you to have irregular income, they can be a good alternative to traditional mortgages. Overall, they are a good choice for people who have trouble qualifying for standard mortgages or those with irregular incomes. Apply for a bank statement loan in North Palm Beach. Speak to our experts at America’s Mortgage Solutions by calling us today at (561) 316-6800 and we’ll ensure a smooth, seamless, and stress-free experience!
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