Refinance a bank statement loan

Rate-and-term refinance on a bank statement program

A rate-and-term refinance replaces your existing mortgage with a new loan at a lower rate or different term — without pulling cash out. For business owners, the qualifying process is identical to a purchase: bank statements establish income, the lender verifies the new payment fits within DTI, and the property is appraised.

This path is most valuable for business owners who purchased at higher rates and now want to reduce their monthly payment — and who can't use a conventional refinance because their tax-return income is still below what conventional underwriting requires.

Cash-out refinance for business capital

A bank statement cash-out refinance lets you pull equity from a primary residence, second home, or investment property and receive it as a lump sum at closing. Business owners use this for equipment purchases, hiring, business expansion, or acquisition financing — often at rates far below those of business loans or lines of credit.

Cash-out LTV limits are typically lower than rate-and-term: most programs cap cash-out at 70–75% of the appraised value. Reserves and credit requirements may also be higher on cash-out transactions.

Refinancing a Non-QM loan from another lender

Sunrise refinances bank statement and Non-QM loans from any lender — not just our own. If you closed a bank statement loan two or three years ago at a rate that now looks high relative to the market, the refinance process is straightforward. The income documentation is the same: fresh bank statements from the most recent 12 or 24 months.

Break-even analysis

Before committing to any refinance, ask your officer to run a break-even calculation: closing costs ÷ monthly payment savings = months to break even. If you plan to stay in the property for longer than the break-even period, the refinance produces net savings. If you're likely to sell or refinance again in a shorter timeframe, the math may not work in your favor.