Andes Mortgage Review for Self-Employed Borrowers

The research in brief

Andes Mortgage is a good — but not fully transparent — fit for Self-Employed Borrowers who need bank-statement income documentation for HELOC approval. Two of seven platforms named Andes Mortgage during the ranking stage (Kimi and ChatGPT), giving it a 28.6% share of included platform responses, an average listed rank of 5.5, and a best listed rank of 4. The strongest reason to consider it is its advertised Bank Statement HELOC, which uses 12 or 24 months of personal or business bank statements instead of tax returns, W-2s, or pay stubs ^[2]. The main limitation is transparency: Andes is a broker that places loans through unnamed wholesale lenders, publishes no borrower-specific rate, margin, or fee schedule, and states its published figures are ranges rather than commitments ^[2].

Research Snapshot

Why Andes Mortgage Qualified for This Study

Questions explored

• Is Andes Mortgage a good choice for self-employed income documentation for HELOC approval?
• Why did only two of seven AI platforms name Andes Mortgage in the HELOC ranking stage?

Andes Mortgage qualified because it was named by two of the seven platforms during ranking discovery and because its advertised Bank Statement HELOC directly addresses the use case: qualifying a self-employed borrower on deposits rather than tax-return income ^[2]. The ranking-stage statistics show a 28.6% platform share, an average listed rank of 5.5, and a best listed rank of 4 (ChatGPT, Kimi).

Qualification is not the same as consensus. Five of the seven platforms evaluated Andes Mortgage for fit without naming it in the ranking stage, and their fit ratings ranged from "strong" (Grok) to "uncertain" (DeepSeek). Deepseek could not verify that Andes offers a Bank Statement HELOC or any HELOC product at all on the official site ^[1]. That conflict is material and is carried through this review rather than resolved.

The entity identity itself carries a qualification note. The deterministic identity audit states that official-site retrieval failed for one or more mentions, that identity matching used an exact-name fallback, and that the matching reported domain remains unverified. Buyers should treat the company identity and licensing details as requiring independent confirmation before applying.

The mortgage offering in focus

Questions explored

• How does the Andes Mortgage Bank Statement HELOC qualify a self-employed borrower without tax returns?
• Does the Andes Mortgage Bank Statement HELOC require 12 or 24 months of bank statements, and does it accept business statements?

The relevant product is the Bank Statement HELOC, which Andes markets specifically to self-employed borrowers, business owners, freelancers, contractors, and 1099 earners whose deductions reduce qualifying income on tax returns ^[2]. The program uses 12 or 24 months of personal or business bank statements instead of tax returns, W-2s, or pay stubs, and Andes states that tax returns are not required for this program, subject to lender and file-specific conditions ^[2].

Andes publishes indicative screening parameters: approximately 680+ credit score, up to 80% combined loan-to-value on a primary residence and up to 85% for select programs, a maximum 50% debt-to-income ratio, and a line limit up to $1 million ^[2]. It describes a default expense ratio of approximately 50%, with a possible approximately 10% ratio when supported by a CPA letter ^[2]. Google's research adds that personal statements use a flat 50% expense factor while business statements allow CPA-certified margins as low as 10% ^[1].

The structure is a second-lien HELOC, which allows the borrower to keep an existing first-mortgage rate and terms rather than refinancing the first lien ^[2]. The Bank Statement HELOC page describes 3- or 5-year interest-only draw periods, while Andes's general HELOC page describes draw periods of 3 to 10 years and repayment periods up to 30 years ^[2].

Andes also advertises a separate no-document HELOC placed through lending partners, which it distinguishes from the Bank Statement HELOC ^[11]. Perplexity notes that the No Doc HELOC page describes qualifying on deposits up to 75% CLTV, creating overlap and ambiguity about which path is most relevant for a given self-employed applicant ^[11].

What the AI Platforms Agreed About

Questions explored

• What do the AI platforms agree on about Andes Mortgage for self-employed HELOC documentation?
• Is the Andes Mortgage Bank Statement HELOC designed for borrowers whose tax returns understate income?

The clearest area of agreement is the documentation mechanism. Multiple platforms describe the same core design: bank deposits, not tax-return income, drive qualification, with 12 or 24 months of personal or business statements accepted ^[2]. This is a strong, multi-platform agreement, though most of the underlying citations are company-owned pages rather than independent sources.

Platforms also agree that Andes markets to self-employed borrowers whose tax returns understate true income because of business deductions ^[2]. Anthropic cites Andes stating that self-employed borrowers can qualify using alternative income documentation such as bank statements, 1099s, and Profit & Loss statements ^[6].

A third area of agreement is the broker model. Anthropic cites Andes stating it can compare over 30 lenders, and separately that it shops scenarios across 40+ lenders rather than quoting a single bank's sheet ^[13]. Google's research describes Andes as an independent broker matching borrowers across more than 40 wholesale lenders ^[1]. The practical implication platforms draw is broader access to non-traditional underwriting, not better pricing.

Platforms also agree on the geographic footprint. Anthropic cites Andes stating it serves Alabama, Florida, Georgia, South Carolina, and Texas ^[1], and Google's research states licensing in Georgia, Florida, Texas, South Carolina, and Alabama ^[1]. Grok lists the same five states (Grok).

Where the AI Platforms Disagreed or Were Uncertain

Questions explored

• Why did one AI platform rate Andes Mortgage "uncertain" for a Bank Statement HELOC?
• Does Andes Mortgage publish HELOC rates, margins, or fees before a borrower applies?

The largest disagreement is whether the product can be verified at all. Deepseek rated the fit "uncertain," reporting that no Bank Statement HELOC or HELOC product was verifiable on the official site during its research and that no independent reviews or regulatory records about Andes Mortgage's HELOC products were located ^[1]. Deepseek's research ran without search enabled, which limits what it could retrieve. Anthropic separately flagged that searches of Andes's live website did not surface a proprietary Bank Statement HELOC product and that it is unclear whether active wholesale partnerships offering bank statement HELOCs exist or whether the product has been de-emphasized.

Fit ratings across the seven platforms were mixed: Grok rated the fit "strong," while ChatGPT, Claude, Gemini, Kimi, and Perplexity rated it "good," and DeepSeek rated it "uncertain." No platform rated it poor, but only one rated it strong.

Pricing is the second unresolved area. Openai reports that no borrower-specific rate, lender margin, APR, origination charge, appraisal charge, or closing-cost schedule is publicly disclosed for the Bank Statement HELOC, and assigns low pricing confidence ^[2]. Anthropic reports that Andes does not publish specific HELOC rates, origination fees, or closing costs, and that broker compensation may be built into wholesale lender margins ^[1]. Kimi reports no specific rates, fees, or closing costs are publicly disclosed ^[2]. Google assigns moderate pricing confidence and describes variable rates based on a Prime baseline plus a personalized margin (Gemini).

Rate impact of non-W-2 income is a third uncertainty. Anthropic cites independent reporting that bank statement programs may add 0.25–0.75% to HELOC rates, while no-doc options can add 0.50–2.00% compared to fully documented loans ^[22]. Kimi cites Bankrate reporting that no-doc HELOCs carry rates at least 1 percentage point higher than traditional HELOCs ^[23]. Neither figure is confirmed for Andes-brokered products. Openai notes that Andes states the rate is Prime plus a lender margin determined by factors including documentation type, which indicates non-traditional documentation may affect pricing, but Andes publishes no specific bank-statement premium ^[7].

Approval speed is a fourth conflict. Anthropic cites Andes stating it can close loans in as little as 12 days ^[5], and lists faster closing as a strength. Openai found no verifiable approval or closing-time commitment on the reviewed Andes pages and notes timing is likely file- and lender-dependent ^[2]. Kimi notes marketing mentions "fast digital approvals" without a specific timeline, and cites industry data that bank statement HELOCs generally close in 30–45 days versus 60–90 days for traditional products ^[2]. The 12-day claim is company marketing and is not independently verified.

Mortgage features for this borrowing need

Questions explored

• What credit score, CLTV, and DTI limits apply to the Andes Mortgage Bank Statement HELOC?
• How does the Andes Mortgage expense ratio reduce qualifying income from bank deposits?

The Bank Statement HELOC's published screening parameters are the most concrete evidence available. Andes states approximately 680+ credit score, up to 80% CLTV on a primary residence, up to 85% for select programs, a maximum 50% DTI, and a line limit up to $1 million ^[2]. These are company-published figures and were not independently verified.

The expense-ratio mechanic is central to how much a borrower can actually qualify for. Deposits are not counted dollar-for-dollar; an assumed business-expense percentage is subtracted first, and only the remainder counts as qualifying income ^[2]. Andes describes a default expense ratio of approximately 50%, with a possible approximately 10% ratio when supported by a CPA letter ^[2]. Google's research states personal statements use a flat 50% expense factor while business statements allow CPA-certified margins as low as 10% ^[1]. Kimi describes the expense ratio as "negotiable in a way most borrowers never realize," a company claim without independent confirmation of typical ranges or borrower outcomes ^[2].

Property eligibility is broad on paper. The Bank Statement HELOC page lists primary, vacation, and investment properties as possible occupancy types, but actual eligibility and pricing vary by lender, property type, CLTV, and documentation ^[2].

Asset-based underwriting is a limitation rather than a feature here. The recommended product is deposit-based, not an asset-depletion product, and the Bank Statement HELOC page does not establish that retirement accounts or other liquid assets can substitute for income documentation ^[2]. Andes advertises other alternative programs, including P&L loans and DSCR HELOCs, but those are separate products ^[12].

Rates, fees, and ongoing costs

Questions explored

• How much does the Andes Mortgage Bank Statement HELOC cost, and what rate margin applies to bank-statement documentation?
• Are there origination, annual, inactivity, or early-termination fees on an Andes Mortgage Bank Statement HELOC?

Pricing is not publicly disclosed for this product, and every platform that examined it assigned low pricing confidence ^[2]. Andes describes HELOC pricing as Prime plus a lender margin determined by factors including credit profile, CLTV, occupancy, and documentation type, and states that published figures are current wholesale-market ranges rather than a commitment to lend ^[7]. Openai notes the page displayed a 6.75% Prime reference rate, which is not an offer or an expected borrower rate ^[7]. Google describes a 7.00% Prime reference baseline as of late 2026 (Gemini).

Known and potential costs, as reported by platforms:

• Variable interest based on Prime plus an unspecified lender margin for bank-statement borrowers ^[2].
• Potential appraisal or valuation costs; Andes says appraisal requirements vary and some valuation alternatives may be available for loans at or below $400,000 ^[2].
• Potential lender, broker, title, recording, and other closing costs, with exact amounts unclear ^[2].
• Anthropic reports HELOC closing costs are lender-specific, with an estimated $1,000–$3,000 range for typical home equity products that is not confirmed for Andes matches, possible annual maintenance fees of $50–$100 at some wholesale lenders, and appraisal fees typically $500–$1,000 ^[1].
• Origination, underwriting, annual, inactivity, draw, early-termination, or prepayment fees are not disclosed on the reviewed product pages ^[2].

Contract terms are similarly incomplete. The advertised draw period is generally 3 or 5 years for the Bank Statement HELOC, but the applicable lender's agreement must be reviewed ^[2]. Anthropic reports draw periods typically 5–10 years depending on lender, possible early closure fees if the account is closed within 3 years, and a rate floor and margin that Andes does not publish ^[1]. Google reports no prepayment penalties on many of Andes's flexible and non-QM HELOC lines, enabling temporary bridge usage ^[1]. These three descriptions do not fully reconcile, and the applicable terms must be confirmed for the selected lender.

Best Suited For

Questions explored

• Who is the Andes Mortgage Bank Statement HELOC best suited for among self-employed borrowers?
• Is Andes Mortgage a good fit for a 1099 contractor with strong deposits but low taxable income?

Andes Mortgage is best suited for self-employed homeowners, freelancers, contractors, 1099 earners, and business owners with strong documented deposits but weak tax-return income ^[2]. The product is explicitly designed for borrowers whose tax returns do not tell the whole story ^[10].

It also suits borrowers seeking a second-lien HELOC while retaining the rate and terms of an existing first mortgage ^[2]. Borrowers who value broker comparison across multiple wholesale lenders rather than a single bank's menu are a natural fit, given Andes states it compares 30+ or 40+ lenders ^[13].

Published screening benchmarks suggest the target borrower has at least approximately two years of business history, a credit score around 680 or higher, and sufficient equity ^[2]. Borrowers located in Alabama, Florida, Georgia, South Carolina, or Texas are within the stated service area ^[1].

Independent review sources report strong customer satisfaction with Andes's responsiveness, communication clarity, and professionalism ^[21]. These reviews relate to general mortgage lending and staff conduct, not HELOC-specific outcomes for self-employed applicants.

Probably Not Best Suited For

Questions explored

• Who should not choose Andes Mortgage for self-employed income documentation for HELOC approval?
• Is Andes Mortgage a poor fit for a borrower who needs published HELOC rates before applying?

W-2 borrowers who can qualify for a lower-cost conventional HELOC through a bank or credit union are not the target for this program ^[2]. Kimi reports the program is explicitly only for self-employed borrowers, with W-2 employees directed to full-documentation HELOCs ^[2].

Borrowers who need a guaranteed rate, fixed payment, or fully disclosed lender-specific terms before applying are also poorly served, because Andes acts as a broker, does not identify the specific lending partner before application, and does not publicly disclose borrower-specific pricing, fees, approval timelines, or binding eligibility terms ^[2].

Borrowers with insufficient deposits, limited business history, low credit, high combined loan-to-value, or income that cannot be reliably separated from transfers and non-business funds are unlikely to fit ^[2]. The 680+ credit score minimum excludes lower-credit borrowers, and 80–85% CLTV maximums may limit access for lower-equity homeowners ^[2].

Borrowers outside Alabama, Florida, Georgia, South Carolina, and Texas cannot access the company's services ^[1]. Borrowers who prefer direct bank products with guaranteed terms rather than wholesale-matched options should look elsewhere (Claude).

When Another Option May Be Better

Questions explored

• What is a better alternative to Andes Mortgage for a self-employed borrower who needs published bank statement HELOC terms?
• When is a traditional bank or credit union HELOC better than the Andes Mortgage Bank Statement HELOC?

A local bank or credit union may be better when it is willing to underwrite current self-employed income at a lower margin with transparent fees (ChatGPT). A traditional prime-rate bank HELOC is also more affordable for borrowers with clean tax returns showing strong net income (Gemini).

Angel Oak Mortgage Solutions is named by Kimi as a specialist lender that maintains transparent bank statement HELOC product documentation, and Kimi notes Angel Oak offers a first-lien option ^[17]. Anthropic similarly points to Angel Oak Mortgage Solutions for published bank statement HELOC details, and to direct banks such as Bank of America or Chase for published rates and fees. Note that Angel Oak's own materials state that Texas HELOC transactions are not eligible, and it is unclear whether Andes can access alternative wholesale HELOC partners in Texas for self-employed borrowers.

A home equity loan may be better when the borrower wants fixed-rate, fully amortizing payments rather than a variable-rate line (ChatGPT). An asset-depletion or asset-based program may be better when the borrower needs asset-based qualification rather than deposit-based income calculation (ChatGPT). A DSCR-style or investment-property HELOC may fit better for investor or rental-property financing rather than owner-occupied use (Perplexity).

Borrowers who need a single-point lender relationship with full underwriting control may prefer direct bank HELOC programs for clearer accountability (Claude). Borrowers who need guaranteed fixed-rate HELOC terms should note that Andes brokers to variable-rate products per industry standard (Claude).

Questions to ask before choosing a lender

The platforms converged on a similar verification list. Buyers should confirm each item in writing before proceeding.

• Which named lender will underwrite the file, and is that lender licensed and available in the property's state? (ChatGPT)
• Will the lender use 12 or 24 months of statements, and will it accept personal statements, business statements, or both? (ChatGPT, Perplexity)
• How are business expenses calculated, and can a CPA letter change the expense factor? (ChatGPT, Gemini)
• Which deposits are excluded, including transfers, loans, cash deposits, sale proceeds, and non-business income? (ChatGPT)
• What exact CLTV, DTI, reserve, credit-score, property-type, occupancy, and business-history requirements apply? (ChatGPT, Claude)
• What is the fully indexed rate, lender margin, rate cap, floor, and expected pricing premium for bank-statement documentation? (ChatGPT, Kimi)
• What are all lender, broker, appraisal, title, recording, annual, inactivity, draw, and early-termination fees? (ChatGPT, Claude)
• Is there a minimum initial draw or required balance, and are there early-close or repayment penalties? (ChatGPT, Perplexity)
• What is the realistic application-to-closing timeline for this specific lender and property? (ChatGPT, Claude)
• Will the lender require tax returns, profit-and-loss statements, CPA letters, or other documents despite the bank-statement program? (ChatGPT)
• Is Andes currently matching bank statement HELOCs for self-employed borrowers to active wholesale lenders, and can it provide a list of current HELOC partners? (Claude)
• Can Andes provide references from recent self-employed HELOC borrowers, not general mortgage borrowers, with approval timelines and rates achieved? (Claude)

The consensus assessment

Andes Mortgage is a good but not fully transparent fit for self-employed income documentation for HELOC approval. The Bank Statement HELOC directly matches the documentation need, and its published qualification framework is unusually specific for a broker-placed product ^[2]. Five platforms rated the fit good, one rated it strong, and one rated it uncertain.

The consensus is limited rather than strong. Only two of seven platforms named Andes Mortgage in the ranking stage, most supporting citations are company-owned pages, and no platform independently verified rates, fees, approval speed, or self-employed HELOC approval outcomes. Pricing confidence is low across every platform that examined it.

The practical conclusion is that Andes Mortgage should be treated as a comparison-shopping option, not selected without obtaining a lender-specific Loan Estimate, margin, fee sheet, underwriting checklist, and timing estimate (ChatGPT). Buyers should confirm current product availability, the named lending partner, and the exact rate premium for bank-statement documentation before committing.

How This Review Was Produced

This review was produced from seven AI platform responses collected for the research prompt on HELOC lenders for self-employed borrowers, using the run research date of 2026-09-29. Each platform evaluated Andes Mortgage for fit against the use case of self-employed income documentation for HELOC approval. Ranking statistics count only platforms that named Andes Mortgage during ranking discovery, which is a narrower measure than the number of platforms that evaluated fit.

Citations are platform-reported evidence, not independently verified facts. Company-owned citations materially outnumber independent citations in the source set, so company claims are described as company claims rather than independently verified facts. No personal testing, customer experience, or independent verification was performed for this review.

Research limitations

Several limitations apply. Platform-reported research dates differ from the authoritative run date: DeepSeek reported 2026-08-11 while the other six platforms reported 2026-09-29. Platform-reported dates are provenance metadata and do not independently prove freshness.

Deepseek's research ran without search enabled, which limits the weight of its "uncertain" finding relative to platforms that retrieved pages. The deterministic identity audit states that official-site retrieval failed for one or more mentions, that identity matching used an exact-name fallback, and that the matching reported domain remains unverified. The supplied URLs were collected from platform responses and were not independently validated by the writer stage.

Material conflicts were preserved rather than resolved. These include whether the Bank Statement HELOC is currently available through active wholesale partners, whether the applicable draw period is 3–5 years or 3–10 years, whether the 12-day closing claim applies to HELOCs or only to primary mortgages, and whether the rate premium for bank-statement documentation is 0.25–0.75%, at least 1 percentage point, or something else entirely. Missing research was not treated as disagreement.

Explore more home equity loan and heloc lenders guidance in the category directory.

Sources

Company-Owned Sources

1. Andes Mortgage - Home: https://andesmortgage.com/
2. Bank Statement HELOC for Self-Employed Borrowers: https://andesmortgage.com/bank-statement-heloc/
3. Bank Statement Loans Explained for Self Employed Home Buyers: https://andesmortgage.com/bank-statement-loans-explained-for-self-employed-home-buyers/
4. DSCR HELOC Loans For Real Estate Investors - Andes Mortgage: https://andesmortgage.com/dscr-heloc/
5. Andes Mortgage - Dunwoody, GA Location: https://andesmortgage.com/georgia/dunwoody/
6. Andes Mortgage - Woodstock, GA Location: https://andesmortgage.com/georgia/woodstock/
7. Home Equity Line of Credit | HELOC Options: https://andesmortgage.com/home-equity-line-of-credit/
8. Home Equity Loan | Fixed-Rate HELOAN | Andes Mortgage: https://andesmortgage.com/home-equity-loan/
9. Investment Property HELOC | Options Available: https://andesmortgage.com/investment-property-heloc/
10. Andes Mortgage - Mortgage Programs: https://andesmortgage.com/mortgage-programs/
11. No Doc HELOC: No Income Equity Line of Credit: https://andesmortgage.com/no-doc-heloc/
12. P&L Loans for Self-Employed Borrowers | Profit & Loss Mortgage: https://andesmortgage.com/non-qm-loans/profit-loss-loans/
13. Andes Mortgage - Mortgage Rates (Rate Comparison: https://andesmortgage.com/rates/
14. HELOC Rates Today | Compare Home Equity Line of Credit: https://andesmortgage.com/rates/heloc-rates/
15. Andes Mortgage - Refinance (Self-Employed Options: https://andesmortgage.com/refinance/lower-payment-refinance/
16. Andes Mortgage - Rate Updates Video: https://andesmortgage.com/videos/mortgage-rate-updates/
17. Bank Statement HELOC | Non-QM 2nd Mortgage for Self-Employed: https://angeloakms.com/programs/bank-statement-heloc/
18. Denied for a HELOC? Try This Bank Statement HELOC Strategy: https://www.youtube.com/watch?v=LMBqBZZkyi8
19. Denied for a HELOC? Try This Bank Statement HELOC Strategy: https://www.youtube.com/watch?v=raRfReJRepk

Independent Sources

20. Andes Mortgage - Company Information (Wheree: https://andes-mortgage-llc.wheree.com/
21. Andes Mortgage - Customer Reviews (Birdeye: https://reviews.birdeye.com/andes-mortgage-llc-168368587701366
22. Bank Statement HELOC Rate Impacts: https://themortgagereports.com/126395/heloc-approval-for-self-employed
23. What Is A No-Doc HELOC Or Home Equity Loan? | Bankrate: https://www.bankrate.com/home-equity/what-is-a-no-doc-heloc-or-home-equity-loan/