I have recently purchased a franchise and am in business for mjyself. So far, we are doing great in the business with income of about $6000 per month, however as a new businessowner, I have no idea how that computes when in 20 months I will need to refinance my home. Are there any issues i need to address so that when that time comes I will be able to refinance atb a fixed rate? My personal credit is good, score is about 670. But I don't have any business credit established yet. I'm not sure what I need to do.....Help.
2007-03-19 12:56:24 · 3 answers · asked by bannabeauty 2 in Business & Finance ➔ Renting & Real Estate
since you are in business for yourself you need to have 2 yrs of business bank statements. so about time you are ready to refinance you should have the 2 yrs of business bank statements.
2007-03-19 14:22:14 · answer #1 · answered by cmruffin1 2 · 0⤊ 0⤋
You are mixing business and personal credit, don't. Your personal credit score is a little low but that is where you are going to be buying the house,,,,right? As far as the mortgage is concerned you are an employee of yourself. Your business credit should have little or no effect on your refinance.
2007-03-19 13:04:46 · answer #2 · answered by ttpawpaw 7 · 0⤊ 0⤋
In general business owners pay the price for being in business by not being able to finance home loans easily. Doesn't make much sense, but it is so. Keep your credit score up, taxes paid, p&l statements in order etc. You haven't said why you have to refinance, but I guess you have an arm. We have several programs for folks like you and you can email me with specifics if you'd like at flipthathouse@acginvest.com since we are not allowed to use links at yahooanswers...
2007-03-19 13:10:04 · answer #3 · answered by flip that house 1 · 0⤊ 0⤋