Is a Bank Statement Mortgage Right for You?

By
Mortgage and Lending with US Bank NMLS: 22343

Is a Bank Statement Mortgage Right for You?

  

 

Let's face it, it can be VERY difficult for the self-employed to get some shelter when seeking the best mortgage.  Why?  Because they face a tough choice every year around tax time:

 

File the maximum allowable deductions and reduce taxable income as much as possible in order to pay less in taxes.

File with fewer deductions, maximize income and appear strongest in the eyes of a potential mortgage lender.

 

In reality, balancing these two is nearly impossible for most business owners and the lending industry recognizes that.  In response, the self-employed can sometimes use a bank statement qualifying mortgage and we cover these in this short, fun video:

 

 

It's just a shot away,

 

 

Rob Spinosa
SVP of Mortgage Lending

Guaranteed Rate
NMLS: 22343 
Cell/Text: 415-367-5959 
rob.spinosa@rate.com

 

Marin Office:  324 Sir Francis Drake Blvd., San Anselmo, CA  94960 

*The views and opinions expressed on this site about work-related matters are my own, have not been reviewed or approved by Guaranteed Rate and do not necessarily represent the views and opinions of Guaranteed Rate.  In no way do I commit Guaranteed Rate to any position on any matter or issue without the express prior written consent of Guaranteed Rate's Human Resources Department.

Comments (2)

Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

It is a Double Edged Sword . No one wants to overpay Taxes , but then Banks freak out at you Net Income 

Mar 15, 2023 09:49 AM
Charles Ross - (785)-819-6944
eXp Realty LLC Salina Group - Salina, KS
Love To Help People

Excellent video Information. Thank you for sharing. Have a wonderful day and a blessed weekend.

Mar 31, 2023 05:00 AM