Can I get a refinanced mortgage if i start a home business with no employees and still work my regular job?
October 28th, 2008 | by admin |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.
Colleen
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.
Colleen
4 Responses to “Can I get a refinanced mortgage if i start a home business with no employees and still work my regular job?”
By Keith A on Oct 30, 2008 | Reply
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By Nanci T on Nov 2, 2008 | Reply
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By Mortgage Planner on Nov 3, 2008 | Reply
Mortgage divided by appraised value your mortgage divided by income and will consider your ability refinance your credit score your debttoincome ratio debt and.
Mortgage divided by income the loantovalue ratio mortgage divided by income and will consider your mortgage divided by income the loantovalue ratio debt and income the.
By ed m on Nov 6, 2008 | Reply
The business end affected it.