- Lend in all 50 states
- Veteran lending specialist available to you, no matter where you are
- In-house processing and underwriting
- Express Loan Approval program, which allows you to be done with the whole process (minus the contract and appraisal), so you can focus on finding your home.
- Rate Protect (Lock & Shop) lock in your rate before you even find a home!
Home equity is a powerful financial tool, and homeowners across the country are leveraging it to meet their financial goals. Whether you’re looking to refinance a 2nd mortgage or find the best 2nd mortgage lenders, understanding your options is key to maximizing your equity’s potential.
For self-employed borrowers, the process can be tricky with traditional lenders. But innovative solutions like bank statement loans are simplifying how homeowners qualify for a second mortgage—no tax returns required!
- Available in AL, CO, AZ, CA, FL, HI, ID, IA, KS, ME, MI, NH, ND, OR, TN, UT, WA, MD, OK, OR, PA, WY
- Partnered with the largest wholesaler in the country that is an Information Technology driven organization.
- Loan approvals in 7 days, Money is wired for closings first thing in the morning to avoid delays.
- Programs for every scenario.
- We save money using brokers and we pass that savings onto you.
- Available in CA, FL, GA, IL, MD, PA, and TX
- Expertise & Guidance
- Credit Assistance
- Trust & Transparency
- Affordable Lending Options
Why Your Home Equity Matters
Your home equity isn’t just a number—it’s an opportunity. Working with the best 2nd mortgage lenders can help you access funds for:
- Renovations: Boost your home’s value with upgrades.
- Debt consolidation: Replace high-interest debt with lower rates.
- Investing: Fund rental properties or other ventures. Check out the best rental markets.
- Life changes: Handle legal settlements, divorces, or other transitions.
Considering your options? Explore refinance strategies that align with your goals.
Why Self-Employed Borrowers Face Challenges
Traditional second mortgage products often demand extensive documentation, including two years of tax returns. For self-employed individuals, especially those with significant deductions, this can be a roadblock.
Fortunately, the best 2nd mortgage lenders now offer flexible alternatives like bank statement loans. These loans prioritize income deposits over tax returns, making it easier for gig workers, small business owners, and 1099 contractors to qualify.
Bank Statement Loans: A Game-Changer
Bank statement loans allow borrowers to qualify based on deposits rather than tax returns. Here’s why they’re transforming the industry:
- No need for tax returns.
- Personal or business bank statements prove your income.
- Faster and simpler qualification process.
Ready to explore your options? Learn more about how bank statement loans work and their unique benefits.
How to Apply for a Bank Statement 2nd Mortgage
Applying for a bank statement 2nd mortgage is straightforward. Follow these steps to get started:
- Find the best 2nd mortgage lenders that offer bank statement loan programs.
- Prove self-employment with documentation like a business license or 1099 forms.
- Submit 12–24 months of bank statements showing consistent deposits.
- Complete the lender’s income and credit assessment process.
- Finalize the appraisal and close your loan.
For more guidance, check out our comprehensive refinance guide.
Real-World Uses for Bank Statement 2nd Mortgages
Bank statement 2nd mortgages are versatile and practical for a variety of goals:
- Consolidating high-interest debt.
- Renovating your home. Explore the pros and cons of buying a second home.
- Funding rental or vacation property investments. Check out investment property HELOC options.
- Creating liquidity for your business.
What About Interest Rates?
Bank statement loans may come with slightly higher rates than traditional products. Typically, rates are based on the prime rate plus a margin of 1–3%. However, they remain competitive for the flexibility they provide.
Stay informed by reviewing current bank statement loan interest rates.
Alternatives to Bank Statement 2nd Mortgages
If a bank statement loan isn’t the right fit, consider these options:
- 100% LTV HELOCs for maximum cash flow.
- Investment property HELOCs for rental and vacation homes.
- Cash-out refinancing to restructure your primary mortgage.
FAQs About Bank Statement 2nd Mortgages
Do all lenders offer bank statement loans?
No, but you can find specialized lenders offering bank statement loans for 2nd mortgages.
How many months of bank statements are required?
Most lenders require 12–24 months of bank statements showing consistent deposits. Learn more about loan requirements.
Can I refinance my bank statement 2nd mortgage?
Yes, refinancing can help secure better terms or access more funds. Explore our refinance guide for details.
Are bank statement loans available for investment properties?
Absolutely! They’re ideal for rental or vacation homes. Check out investment property HELOC options.
What are the pros and cons of bank statement 2nd mortgages?
The main advantage is bypassing tax return requirements, while a potential drawback is slightly higher rates. Explore similar loan comparisons to make an informed decision.
Take Control of Your Financial Future
Bank statement 2nd mortgages are a powerful tool for unlocking your home equity. Whether you’re planning renovations, consolidating debt, or investing in property, working with the best 2nd mortgage lenders can make your goals a reality.
Ready to get started? Explore refinance strategies and connect with a lender today!
Our advise is based on experience in the mortgage industry and we are dedicated to helping you achieve your goal of owning a home. We may receive compensation from partner banks when you view mortgage rates listed on our website.
