Exactly what is a Bank Statement Loan?
For those borrowers who cannot validate their income using the traditional method of providing the previous two years' tax returns, W2s, and pay stubs, bank statement loans have become the preferred alternative. To put it plainly, a bank statement loan involves verifying the borrower's income through 12-24 months of bank statements.
Who is eligible to use bank statement loans?
- Gig economy workers
- Freelance employees
- Business owners
- Sole proprietors
- Independent contractors
- Contract workers
- and more!
How do I get pre-approved for a home loan?
Start with a call to one of our Mortgage Team members. They will help you select the product that’s right for you and get you started with the pre-approval process. If you prefer, you may apply online and a Mortgage Loan Officer will reach out to you directly. Upon approval, you will receive a pre-approval letter.
What is the difference between the interest rate and the APR (Annual Percentage Rate)?
The interest rate is used to calculate your mortgage payment. The APR is a broader measure of the cost of your mortgage and includes finance charges that apply to your mortgage. An APR is an effective tool to make apples-to-apples comparisons of mortgage options.
Click here for our full list of frequently asked home loan questions.