Anyone had experience using bank statement mortgages and what to expect from an increased rate standpoint?

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  • June 6, 2023 at 6:13 pm #82981 Reply
    James

      Small business with on-paper losses in 2022 leaves it in an awkward situation for traditional qualifying — despite being strong 2021/2023.

      Primary residence non-rental single family is the target. High credit score.

      Any pitfalls or things to watch out for? Any other auxiliary advice I should be aware of?

      June 6, 2023 at 6:14 pm #82983 Reply
      Michael

        2022, did you pay yourself? Some writeoffs can be factored back in. Find a good mortgage broker in your area!

        June 6, 2023 at 6:14 pm #82984 Reply
        Michael

          Somewhere around 8.25 if I had to take a guess. Non-qm is always at a premium and the current average rate is about 6.9.

          June 6, 2023 at 6:15 pm #82985 Reply
          Scott

            I was able to refinance using my assets via my bank.

            My, taxable income, is minimal, so they allowed me to use “bank statements” or brokerage statements, to refinance my mortgage.

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          Reply To: Anyone had experience using bank statement mortgages and what to expect from an increased rate standpoint?
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