Bank statement loan programs are a type of mortgage loan that is designed for self-employed individuals or business owners who have difficulty qualifying for a traditional mortgage due to their variable income. Instead of using tax returns or pay stubs to verify income, bank statement loan programs use bank statements from the past 12-24 months to determine income eligibility.
Pros:
1: Flexibility: These loan programs offer more flexibility than traditional mortgage loans, making it easier for self-employed individuals or business owners to qualify for a mortgage.
2: Reduced paperwork: Since bank statement loan programs rely on bank statements instead of tax returns or pay stubs, there is less paperwork involved in the application process.
3: Higher loan amounts: Some bank statement loan programs offer higher loan amounts than traditional mortgage loans, making it easier to finance larger homes or properties.
4: Faster approval process: Bank statement loan programs can often be approved faster than traditional mortgage loans, since they rely on bank statements instead of more complex financial documents.
5: Increased privacy: Bank statement loan programs offer increased privacy, since they do not require the borrower to provide as much personal financial information.
Cons:
1: Higher interest rates: Bank statement loan programs may have higher interest rates than traditional mortgage loans, which can result in higher monthly payments.
2: Shorter repayment terms: Some bank statement loan programs may have shorter repayment terms than traditional mortgage loans, which can also result in higher monthly payments.
3: Limited availability: Bank statement loan programs may not be available from all lenders, which can make it more difficult to find a loan that meets your needs.
4: Limited options: Some bank statement loan programs may offer fewer options than traditional mortgage loans, such as fewer loan types or repayment options.
5: Higher fees: Bank statement loan programs may have higher fees than traditional mortgage loans, such as higher origination fees or prepayment penalties.
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2023-03-17"Buying a home is incredibly stressful, and for someone without a financial background securing a mortgage is the most confusing part. For some crazy reason we have put ourselves in the buying/selling position multiple times in the past 5 years...
Carlos & Aubrey R.Carlos & Aubrey R.55stars"Buying a home is incredibly stressful, and for someone without a financial background securing a mortgage is the most confusing part. For some crazy reason we have put ourselves in the buying/selling position multiple times in the past 5 years...
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2023-03-17"We were looking at available options for possibly selling or refinancing our home. We initially tried working with our financial institution, but became frustrated at their inflexibility & disorganization. We decided to reach out to Dale b...
Steve & Shanon M.Steve & Shanon M.55stars"We were looking at available options for possibly selling or refinancing our home. We initially tried working with our financial institution, but became frustrated at their inflexibility & disorganization. We decided to reach out to Dale b...
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2023-03-17"I have been working with Dale for 21 years. He has taken part in the purchase of each of my properties both personally and professionally. He always responds quickly and with concise instructions on what is needed for my next investment. Throu...
Emily M.Emily M.55stars"I have been working with Dale for 21 years. He has taken part in the purchase of each of my properties both personally and professionally. He always responds quickly and with concise instructions on what is needed for my next investment. Throu...
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Valerie G.Valerie G.55stars"I confidently endorse and recommend working with Dale DeShaw. I have been fortunate to work with Dale three times in the past five years for financing and refinancing properties and not only has it had a positive financial yield but it was a p...
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2023-04-14"I have had the great fortune to be able to work with Dale several times over the last 20 years. Dale patiently walked us through our first home purchase, then a refinance when the rates dropped to the purchase of a brand new home. Dale always ...
Chris H.Chris H.55stars"I have had the great fortune to be able to work with Dale several times over the last 20 years. Dale patiently walked us through our first home purchase, then a refinance when the rates dropped to the purchase of a brand new home. Dale always ...

