Oct 032008
 
home business
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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  4 Responses to “Can I get a refinanced mortgage if i start a home business with no employees and still work my regular job?”

  1. 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.

  2. I believe the answer you’re looking for can be found on this site. They’ve got lots of info about the subject.

  3. 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.

  4. i do not see any problem with you getting the refinance and i would not worry about the business end affected it!!!

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