Bank Statement Refinance Loan

A bank statement refinance is same as a bank statement loan except for the purpose of the loan. A bank statement loan is used to buy a home, vacation home, or investment property. Whereas a bank statement refinance loan comes into play when you want to refinance a mortgage for a better rate or to get cash out.

It is a great option for individuals to apply for a mortgage without having to prove their income via tax returns or pay stubs. Bank statement loans can be useful for self-employed, independent contractors and other borrowers who don't receive a W-2. However, since a bank statement loan is a type of non-qualified mortgage, borrower may end up paying a higher interest rate and making a larger down payment.

How do bank statement refinance loans work?

Lenders use bank statements to assess a borrower's earnings and determine if they can repay the loan. Lender may ask you to provide 12-24 months of your past bank statements. You can use both business and personal bank account statements to qualify. However, if using a business bank account, eligible deposits must be sourced as business income.

Who can benefit from a bank statement refinance mortgage?

• Self-employed individuals such as freelancers, gig workers, independent contractors
• Seasonal workers
• Small business owners
• Consultants
• Retirees

Our bank statement refinance loan is a specialized mortgage program for entrepreneurs, freelancers, and small business owners. At Premium Mortgage Demo, our team review both the type of small business and the flow of funds into and out of the potential borrower's bank account over a set period of time, typically 12 to 24 months. This helps us determine the borrower's ability to repay the loan and set the best possible terms of the loan.

Are you ready to see how much a refinance could save you? Call our loan advisor at 877 123 XXXX or click the button below to request a free consultation with one of our mortgage advisors.

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