Can I get a refinanced mortgage if i start a home business with no employees and still work my regular job?
Question by sammus: Can I get a refinanced mortgage if i start a home business with no employees and still work my regular job?
I want to refinance my mortgage and I want to start a home business before doing so. It would have no employees and I would still keep my current job. My home business will not require any due balances or credit lines to increase my debt. Would mortgage companies see the worry that I would quit my regular job or would they trust that I would maturely handle the mortgage payments? In other words, would I have no problems getting refinanced under these conditions. My credit score is about 650 and I’ve been at my current job for 1 1/2 years but have had steady employment for a long time. I have also paid my mortgage on time for 12 months.
The reason I am asking is because what I will be doing requires a vendor license. Therefore, in my ssn, it would show the business based at my home address.
I am actually looking for a new mortgage loan, not a home equity loan or personal loan and I don’t need to borrow to pay debts.
Best answer:
Answer by Keith A
If there is no debt increases involved, then does the mortgage company really need to know about your home business? Go to http://www.businessstarterpackage.com/articles.html and check out all of the articles on this very sort of thing. You can find all you need to know there.
Add your own answer in the comments!
Categories: mortgage Tags: business, employees, Home, mortgage, refinanced, regular, start, still, work
Re: Acquiring a business during home purchase
IMO, delay the ownership paperwork, llecs.
Set up a corporation, owned by your wife or your kids. It’s a totally separate entity. That corporation will buy the business. You are still an employee of the business, with the same salary, etc., and nothing changes for you. You can always be added on to the corporation after the mortgage closing.
As long as the income from that business is not included in your wife’s income as part of the basis for repayment of a mortgage loan, I don’t think your mortgage qualifications will change one bit.
I may be wrong, but I think this could avoid any mortgage difficulties/excessive paperwork.
Shane, could this be an alternative here?
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Categories: Xmas Tags: business, business-dress, nurse49, purpose, required-ties, semi-retired, sport-coats, started-out, the-business, the-purpose
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Categories: credit-cards Tags: advice, business, companies-don, considerations, current-scores, discover, group, iphone, least-as-far, mother, newest, personal-fun
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Categories: credit-cards Tags: account-due, banking, business, card, look-forward, need-the-card, opportunity
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Categories: credit-cards Tags: black, black-strip, business, card, know-how, suddenly-become, the-card, Wells, wells-fargo
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Categories: Xmas Tags: apple, business, full-antivirus, imagio, impression, like-contacts, like-the-apple, mobile-security, people, phone, phone-updating, totally-locked, virus, virus-or-hacked
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Categories: credit-cards Tags: applied-on-invitation, being-given, business, instant-decision, request, time, will-receive, written-response, your-request
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Categories: Xmas Tags: being-the-most, business, frequency, imagio, opportunity, phone, recommendations, selection, urgent-question