Already own a home but stuck with a rate or loan that doesn't fit? A bank statement refinance lets self-employed owners refinance using deposits instead of tax returns — for a lower payment, a better term, or cash out of your equity.
Rate-and-term refinance
Swap your current loan for a better rate or different term, qualified entirely on 12-24 months of deposits. Owners who bought with a hard-money or high-rate non-QM loan often refinance this way once their deposit history seasons.
Cash-out refinance — and the Texas 80% rule
Texas homestead law caps cash-out refinances on a primary residence at 80% of appraised value, regardless of loan type. Within that ceiling, a bank statement cash-out can fund renovations, debt consolidation, or business capital.
The exit-strategy play
Many self-employed borrowers use bank statement loans as a bridge: buy now, then refinance into conventional once two strong tax years are on file. If your write-offs are shrinking, that path may already be open.
What you'll need
Recent statements, your current mortgage details, and an appraisal. Approval logic mirrors a purchase: deposits set income, equity sets loan-to-value, credit sets pricing.
See what you qualify for in 60 seconds — free and no credit check. Use the eligibility check at the top of this page.