Smart borrowers know to shop around for their mortgage. Many lenders offer bank statement loans, but not all programs offer the same benefits. Knowing which one is right for you can be challenging, but it’s important to understand how to compare the terms, rates, and...
Finding your forever house can be difficult. What’s even harder is getting accepted for a loan to buy that dream house, especially if you have bad or no credit. That’s why many borrowers are looking to bank statement loans to help them finance their house. Mainstream...
FHA loans are still the most popular loans for homeowners. However, as more and more people looking to buy their first homes, they are discovering other types of loans, including bank statement loan programs. These programs came about because there were no alternatives for those...
If you are a first-time home-buyer, you have probably started hearing jargon from your realtor, loan officer, family, and friends that might as well be from another language. Terms like “bank statement loan” and “qualified loans” are dropped in casual conversations. To be ready, here...
Learning that your credit isn’t great can be a stressful realization. Low credit can mean higher interest rates or be completely disqualified for loans altogether. Luckily, you are never stuck with your current credit score. There are several unique ways to repair your credit, including...
If you're self-employed, don't make the mistake of thinking that you can't take out a home loan. Self-employed borrowers may be eligible for some good mortgage programs. This includes loans that don't require you to submit tax returns but let you use your bank statement...
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...
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...
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...
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...
