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Bank Statement Loans - The Basics
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Welcome to another episode of Loan With Jen. Whether you're listening to us on the podcast or watching us on YouTube, we've got an exciting topic to talk about today: bank statement loans. We've received many questions about this popular trend, so we've brought in a special guest, Cara Eubank. She has been working in the mortgage industry since the early 2000s, when there were some issues with lending standards. Today, Cara works in a specific type of loan called Non-QM, and she specializes in bank statement loans.
It's good to remember that not every lender provides bank statement loans. Working together with a nearby lender, such as Legacy Mutual Mortgage, in partnership with Angel Oak, guarantees access to these special loan programs. By teaming up with an experienced lender, borrowers can discover the options available to them and get prequalified to understand how much they can afford to buy.
In this episode, you’ll also hear:
- What are 2 types of bank statements you can use to verify your business
- What is 50% expense ratio
- How to get into the elite zone of this program
Must-listen moments:
[00:02:00] What is a Non QM loan
[00:04:01] How to verify that the borrower has been in business for two years?
[00:05:44] How to get a pre-qualified loan
[00:08:58] What is the prepayment penalty on these loans?
To contact us visit www.loanwithjen.com
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Resources mentioned in the episode:
https://www.loanwithjeneducation.com/
https://www.instagram.com/loanwithjen/
https://www.facebook.com/loanwithjen
https://www.youtube.com/channel/UCFrSijIoUv59fxf0hXMro7g
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