Can I get a refinanced mortgage if i start a home business with no employees and still work my regular job?
Jul.01, 2009 in
Uncategorized
sammus asked:
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.
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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.
Accounts Receivable Factoring Quote, Invoice Factoring, Accounts Receivable Factoring, Factoring Loan For Commercial Finance Loans – AR Factor Quote * Equipment Financing * Purchase Order Finance * Commercial Mortgage – IMM Financial has been in the Commercial Finance Business serving companies just like yours for over 14 years. Put our experience to work for you. We are the Cashflow Specialists.
invoice factoring
July 1st, 2009 at 4:35 pm
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If there is no debt increases involved, then does the mortgage company really need to know about your home business? Go to and check out all of the articles on this very sort of thing. You can find all you need to know there.
July 4th, 2009 at 11:07 am
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I believe the answer you’re looking for can be found on this site. They’ve got lots of info about the subject.
July 6th, 2009 at 12:09 am
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A lender wants to see a history of stable and continual employment and income and will consider
- your debt-to-income ratio (debt divided by income)
- the loan-to-value ratio (mortgage divided by appraised value)
- your credit history.
Based on what you have stated, as long as you continue to have stable employment and income, no increase in debt and maintain your credit score, your plans to start a business should have no impact on your ability refinance your mortgage.
July 9th, 2009 at 1:34 am
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i do not see any problem with you getting the refinance and i would not worry about the business end affected it!!!