Bank Statement Refinance loan
Get a Refinance Review Today!!!
To qualify for a bank statement refinance loan, you typically need to meet the following criteria:
Self-Employment
Borrowers must demonstrate self-employment for a minimum of 2 years.
Bank Statement History
Provide 12-24 months of personal or business bank statements to illustrate income flow.
Good Credit Score
While flexible, lenders often require a credit score of at least 620.
Debt-to-Income Ratio
Must meet lender-specific requirements, which may be more lenient than traditional loans.
Property Type
Loans are available for primary residences, second homes, and investment properties.
Lower Interest Rates: If interest rates have dropped since you took out your original mortgage, you may be able to lower your monthly payments by refinancing at a lower rate.
Shorter Loan Term: Refinancing to a shorter loan term can help you pay off your mortgage faster and save money on interest over the life of the loan.
Change in Financial Situation: If your financial situation has changed, such as an increase in income or a decrease in debt, you may be able to qualify for a better interest rate or more favorable loan terms through refinancing.
Cash Out: Refinancing can also provide an opportunity to take cash out of your home equity to use for home improvements, debt consolidation, or other expenses.
Frequently Asked Questions About Bank Statement Refinance Loans
A bank statement refinance loan allows self-employed borrowers to refinance their mortgage using personal or business bank statements to verify income instead of traditional W-2s or tax returns.
Self-employed individuals, freelancers, and small business owners who can provide 12-24 months of bank statements to demonstrate consistent income flow are ideal candidates.
Lenders analyze your monthly deposits in personal or business bank statements, typically using a percentage of the total deposits as qualifying income.
Yes, interest rates may be slightly higher than conventional loans due to the alternative income verification process. However, rates remain competitive compared to other non-traditional options.
Yes, many lenders allow refinancing of primary residences, second homes, and investment properties.
On average, the process takes 30-45 days, depending on the lender and the complexity of your financial situation.
Borrowers can access their home equity for various purposes, such as expanding their business, consolidating debt, or making home improvements.
Like any mortgage, there may be closing costs. These can often be rolled into the loan amount to reduce upfront expenses.
While specific requirements vary, most lenders prefer a credit score of 620 or higher.
Availability depends on the lender and local regulations. Be sure to verify eligibility based on your location.
Why Consider a Bank Statement Refinance Loan?
Bank statement refinance loans are tailored for the self-employed, providing an accessible and flexible alternative to traditional refinancing options. By focusing on income as reflected in your bank statements, these loans offer an inclusive solution for entrepreneurs, freelancers, and small business owners.
Take control of your mortgage and explore refinancing options today. Begin your refinance review and discover how a bank statement refinance loan can enhance your financial stability and homeownership experience.
9920 Pacific Heights Blvd. Ste. 150
San Diego, Ca 92121
Kam Financial & Realty, Inc. is an Equal Housing Lender. We fully comply with the Equal Credit Opportunity Act (ECOA) and all other Federal regulations. All applicants applying for credit from Kam Financial & Realty, Inc. will never be discouraged on on the basis of race, color, religion, national origin, sex, military status ,marital status, age, or because you get public assistance. All information we request is voluntary, and will be kept confidential. For more information on the ECOA, please visit:
http://www.ftc.gov/bcp/conline/pubs/credit/ecoa.shtm
© Copyright 2025 | Kam Financial & Realty, Inc. | All rights reserved.
© Copyright 2025 | Kam Financial & Realty, Inc. | All rights reserved.