Bank Statement Mortgage LendersThe Best Bank Statement Mortgage Lenders For Self-Employed Individuals A bank statement mortgage is a good alternative to traditional home loans for self-employed borrowers. It uses 12 to 24 months of personal and business bank statements to verify income. The best bank statement mortgage lenders offer competitive rates and terms. They also have an established track record. This is especially important for borrowers who may be new to the industry.

The Best Bank Statement Mortgage Lenders For Self-Employed Individuals A bank statement mortgage is a good alternative to traditional home loans for self-employed borrowers. It uses 12 to 24 months of personal and business bank statements to verify income.

The best bank statement mortgage lenders offer competitive rates and terms. They also have an established track record. This is especially important for borrowers who may be new to the industry.

The Top Bank Statement Mortgage Lenders in 2023

Are you searching for the best bank statement mortgage lenders in 2023? Look no further! We’ve done the research to help you find the perfect lender for your needs. Whether you’re a self-employed individual or have a unique financial situation, these top lenders have got you covered. Read on to discover the key players in the bank statement mortgage industry.

1. CashCall

Headquartered in Orange, California, CashCall is one of the largest mortgage lenders in the country who give Bank Staement Mortgage Lenders. The company employs a staff of lending experts who are dedicated to helping borrowers find the right loan for them. CashCall also has a reputation for transparency and simplicity. The lender publishes its mortgage rates on its website, which is a helpful feature for potential borrowers who are doing initial research and aren’t ready to give their contact information to lenders just yet. The lender’s rate page displays sample rates for conventional, VA, jumbo, investment property, and bank statement mortgages. It also shows sample rates based on how many mortgage discount points a borrower chooses to buy, which is an important part of the mortgage process because it can affect both upfront costs and long-term interest costs.

In addition to offering traditional mortgages, CashCall offers several specialty loans that can help borrowers in unique situations. These include an investment property mortgage that doesn’t require typical documentation like tax returns, and a bank statement mortgage for self-employed borrowers that allows them to qualify with 12 months of bank statements rather than W2s. The lender also offers a program for freelancers and independent contractors that uses 1099 statements to qualify them.

When it comes to origination fees, CashCall charges a flat $995 fee for its mortgages. However, the lender covers most of the borrower’s third-party closing costs. That’s a big plus for borrowers who are trying to balance their upfront expenses with their long-term savings goals.

2. Angel Oak Home Loans

One of the best bank statement mortgage lenders for self-employed individuals, Angel Oak Home Loans offers a wide variety of loan programs with flexible requirements. The company’s mortgage financing process is straightforward, with the lender guiding clients through each step. The company also handles processing, underwriting, documentation collection, and closing logistics on behalf of its clients.

Unlike traditional mortgage lenders, which require borrowers to provide tax returns and other documents to verify income, the bank statement mortgage program at Angel Oak Home Loans requires only 12-24 months of personal or business bank statements. This allows for a more accurate assessment of your income and can open up homeownership opportunities to borrowers who may not be able to qualify with traditional mortgage financing.

In addition to its bank statement mortgage programs, Angel Oak Home Loans also offers a range of other mortgage financing options. For example, the lender can assist with jumbo loans, which are home loans that exceed the maximum amount permitted by the Federal Housing Finance Agency. These jumbo loans can be an excellent option for borrowers who want to buy a luxury home or property in a high-cost area.

The company’s minimum credit score for a bank statement mortgage is 620, although borrowers with higher scores can enjoy lower interest rates and more favorable terms. In addition, the lender can offer a fixed or adjustable-rate mortgage with a term of 15 or 30 years. The lender can also provide a refinance loan that can help borrowers lower their interest rate and save money on their monthly mortgage payments.

While many traditional mortgage lenders do not offer bank statement mortgage programs, there are several who do. These non-traditional lenders can offer better mortgage rates and faster approvals than traditional banks. For more information about the best banks for bank statement loans, you can connect with a vetted mortgage broker.

A broker can help you find a lender that will provide you with the best mortgage financing for your unique circumstances. They will review your financial situation and can provide you with quotes from multiple lenders. They can even guide you through the entire loan process.

Angel Oak Home Loans

3. HomeLife Mortgage

HomeLife Mortgage is a California-based mortgage brokerage that serves customers in need of bank statement loans. Their primary focus is on lending to self-employed professionals and those who have difficulty qualifying for traditional mortgages. They offer bank statement mortgages for both residential and jumbo properties and typically require a credit score of at least 620. They also have more flexible loan-to-value requirements and shorter time restrictions after a major credit event.

A bank statement mortgage allows borrowers to prove income by providing the lender with personal or business banking statements. This can be especially helpful for those who have inconsistent income or for whom tax returns don’t accurately reflect their financial capabilities. HomeLife Mortgage also offers a streamlined application process that can get you into your dream home in as few as 48 hours.

While this type of loan is a good option for some borrowers, it’s important to remember that it’s not right for everyone. Those who can qualify for a conventional mortgage should always try that first. Mortgage brokers who specialize in bank statement loans often have relationships with multiple wholesale lenders, giving them access to a wide range of products and deals.

Depending on the lender, the criteria for bank statement loans can vary. However, many lenders require that the borrower have been earning nontraditional income for at least two years and have a consistent pattern of depositing funds into their accounts. They may also ask for additional information, such as the number of employees, whether the business has a physical location, and other details.

Bank statement mortgages are also sometimes referred to as non-qualified mortgages (non-QM). This is because they don’t meet the strict standards that Fannie Mae and Freddie Mac enforce on traditional mortgages. Non-QM loans are not as risky as they once were and can be a great fit for small business owners, entrepreneurs, freelancers, and other independent contractors. A reputable mortgage broker will be able to determine if this is the right option for you.

4. Lending Tree

Founded in 1996 and headquartered in Charlotte, North Carolina, LendingTree is a company that puts the power back into the hands of consumers when it comes to finding a home loan. The site lets potential borrowers receive quotes from multiple lenders by filling out a simple online form Bank Statement Mortgage Lenders. Upon receiving multiple offers, a borrower can then decide which one best suits their needs by comparing the rates, loan costs and terms of each. The site also allows borrowers to contact the lenders directly to haggle or discuss the loan terms further.

Unlike some other mortgage brokers, the site does not originate or underwrite mortgage loans, but instead connects prospective borrowers with lenders in its network and earns a commission when they close on a loan. As the nation’s largest lending marketplace, LendingTree has earned a 4.5 star rating on WalletHub and is a publicly traded company (NASDAQ: TREE).

Lending Tree

Borrowers can expect to begin receiving calls from lenders within five to ten minutes of submitting their online application. The borrowers may need to provide additional information to the lender such as their desired loan amount, their credit score and household income. This helps to level the playing field amongst the lenders. Borrowers are encouraged to play each lender against the other to find the best deal, and many times a borrower will call the lender who originally quoted them to say that another lender beat their quote.

While it is great that LendingTree does not check a borrower’s credit during its pre-qualification process, many of the lender partners do and that should be disclosed upfront. It would be helpful if the site were to list minimum credit score requirements for each lender in its database so that a borrower can make an educated decision about which lenders are a good fit before applying.

For those concerned about privacy, it should be noted that LendingTree discloses that they share your information with several third parties including marketers, affiliates and other service providers. However, there are relatively easy ways for a privacy-minded consumer to reduce the number of calls and emails they receive, such as by not providing their phone number on their application.

 

By loan

Joseph Smith is a seasoned professional content writer whose expertise and dedication bring value to our blogging website. With a passion for storytelling and a keen eye for detail, Joseph crafts engaging and informative content that resonates with our audience. As the author behind every article on our website, Joseph's commitment to delivering high-quality writing has established him as an integral part of our team. With a diverse range of topics and a knack for captivating readers, Joseph consistently exceeds expectations, elevating the standard of our platform. His creativity, professionalism, and unwavering dedication make him an invaluable asset to our website.

Leave a Reply

Your email address will not be published. Required fields are marked *