The interest rate that a mortgage lender charges for a bank statement mortgage loan will depend on a variety of factors, including the borrower’s credit score, down payment, and the lender’s own underwriting guidelines. However, in general, bank statement mortgage loans are considered to be higher risk for the lender, due to the lack of traditional income documentation. As a result, these loans tend to come with higher interest rates than traditional mortgage loans.
Interest rates for bank statement mortgage loans can vary widely and are typically higher than the rates for traditional mortgages. The exact rate will depend on the lender, the loan amount, the loan-to-value ratio, and the creditworthiness of the borrower. Typically, borrowers with higher credit scores and larger down payments will be offered lower interest rates.
It is important to note that interest rates for bank statement mortgage loans are highly variable and depend on a number of factors, so it’s important to shop around and compare rates from different lenders to find the best deal. It’s also important to consult with a mortgage professional and understand the risks and benefits before applying for a bank statement mortgage loan.