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Bank statement loan: What is it and who should get one?
While an option for some borrowers, there are downsides.
Jeffrey L. Beal of Real Estate Solutions has 40 years' experience in multiple phases of the real estate industry, and has been a Certified General Appraiser since 1992. As such, he has consulted and testified as an expert in local, state and federal cases in a variety of matters related to real property or interests in real property where there is an issue of valuation, loss in value, damages or taxation. He is also an expert in issues involving zoning and variances. In addition, he is an expert on appraisal ethics and practice. He is comfortable in front of both a judge and a jury having taught appraisal and real estate courses since 2000 (4,000+ classroom hours). His teaching includes certificate, pre-licensing and continuing education courses at two-year and four-year colleges and private real estate schools.
While an option for some borrowers, there are downsides.
Build or buy? Here’s a breakdown comparing the two options.
Counter-offers are a key part of the real estate negotiation process.
It saves costs upfront, but it’s not free money.
These lenders keep the mortgages they underwrite, so they may lend when others won’t.
How property taxes are calculated, how they’re paid and whether they’re tax-deductible.
If you have bad credit, you need to find ways to compensate for the additional risk.