What Are Bank Statement Loans?

Bank Statement Loans are designed for self-employed individuals, business owners, and freelancers who may not have traditional income documentation such as W-2s or pay stubs. Instead of using tax returns, these loans allow you to qualify based on the income reflected in your bank statements. At Richard Thomas Ellis – Pilgrim Mortgage, we understand that many successful professionals earn income in non-traditional ways. Our Bank Statement Loan program helps you secure financing that truly reflects your financial reality.
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Simplified Income Verification

Instead of requiring extensive tax documentation, this program relies on 12 to 24 months of personal or business bank statements to assess your average income. This method provides a more accurate picture of your earnings, especially for those who reinvest heavily into their businesses. Our team ensures that your application process is smooth, transparent, and efficient — allowing you to demonstrate your financial strength without unnecessary paperwork or stress.
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Ideal for Entrepreneurs and Business Owners

Bank Statement Loans are perfect for entrepreneurs, consultants, contractors, and small business owners who may have variable income. Traditional loans often overlook the financial potential of these borrowers, but this program bridges that gap by offering flexibility and fair assessment. At Richard Thomas Ellis – Pilgrim Mortgage, we believe your hard work and business success should open doors, not create obstacles. We tailor every solution to your unique professional background and financial goals.
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Benefits of Bank Statement Loans

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No Tax Returns Required – Qualify using 12–24 months of bank statements instead of W-2s.

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Ideal for Self-Employed Borrowers – Designed for business owners and independent professionals.

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Higher Loan Limits – Access larger financing amounts based on cash flow strength.

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Streamlined Application Process – Simplified documentation and faster approvals.
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Competitive Rates and Flexible Terms

Despite the alternative documentation method, Bank Statement Loans still offer competitive interest rates and various repayment term options. Borrowers can choose from fixed or adjustable-rate structures depending on their long-term plans and cash flow needs. We help you compare and understand your options, ensuring you get the most cost-effective and strategically sound loan for your situation.
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Why Choose Us – Your Trusted Partner in Home Financing

At Richard Thomas Ellis – Pilgrim Mortgage, we believe that finding the perfect mortgage is about more than just interest rates — it’s about trust, transparency, and a partnership built around your goals. Our mission is to make every client feel informed, empowered, and confident throughout the home financing journey.

With years of experience and a deep understanding of the mortgage industry, we take pride in offering personalized guidance and unmatched customer care. Whether you’re a first-time homebuyer or a seasoned investor, we take the time to listen, assess your unique situation, and craft a loan solution that fits your needs perfectly.

We are known for

Personalized Service: We take the time to understand your goals and create mortgage solutions tailored to your unique financial situation.

Transparency & Trust: Clear communication and honest guidance are at the heart of everything we do—no hidden surprises.

Fast & Smooth Closings: Our streamlined process and dedicated support team help you close on time with confidence and ease.

Extensive Loan Options: From FHA and VA to Jumbo and HELOCs, we offer a wide variety of programs to meet every borrower’s needs.

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Why Choose Rapid Closing?

Choosing the right mortgage partner can make all the difference in your homeownership journey. At Rapid Closing, we combine speed, expertise, and personalized care to deliver financing solutions that are tailored to your goals. Whether you’re a first-time home buyer, refinancing, or exploring specialized programs, our team is dedicated to making the process smooth, transparent, and stress-free. With Rapid Closing, you’re not just getting a loan—you’re gaining a trusted partner who stands by you every step of the way.

We are known for

Fast & Reliable Closings – Streamlined processes that save you time and stress.

Wide Range of Loan Programs – From FHA and VA to DSCR, Jumbo, and USDA loans.

Personalized Guidance – Clear, step-by-step support with dedicated loan specialists.

Flexible Solutions – Options designed for first-time buyers, investors, and unique situations.

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"FAQs"

At Richard Thomas Ellis – Pilgrim Mortgage, we provide a wide range of loan programs to meet every borrower’s needs. These include VA, FHA, Conventional, Jumbo, DSCR, Bank Statement, Hard Money, HELOCs, Fix and Flip, Down Payment Assistance, First-Time Home Buyer, and Purchase Loans. Whether you’re buying your first home, investing in property, or refinancing, we have a loan option that fits your goals.

Our team takes a personalized approach to understanding your financial situation, credit profile, and long-term objectives. We’ll review your goals, explain the differences between programs, and help you choose the loan that provides the best benefits — whether it’s a low down payment, flexible credit requirements, or the lowest interest rate available.

While requirements may vary based on the loan type, most applications require proof of income, recent bank statements, identification, employment verification, and details about your assets or debts. Don’t worry — we make this process simple by providing a clear checklist and helping you gather everything needed to move forward smoothly.

The timeline can vary depending on your loan type and financial situation, but on average, the mortgage process takes about 30 to 45 days from application to closing. At Pilgrim Mortgage, we use efficient digital tools and proactive communication to ensure your loan moves quickly and without delays.

Yes — and it’s highly recommended! Getting pre-approved gives you a clear idea of how much you can afford and strengthens your position when making an offer. Our pre-approval process is quick, easy, and designed to give you confidence while searching for your dream home.

Empowering Financial Independence

This loan program empowers self-employed professionals to take full control of their homeownership journey. By eliminating the barriers that come with traditional verification methods, it opens the door to financial independence and stability. At Richard Thomas Ellis – Pilgrim Mortgage, we celebrate entrepreneurship and provide the tools to help you grow, invest, and thrive — one home at a time.