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How ro get a bank to refi me into a fixed mortgage

high credit score (827) never missed a payment money in the bank but am self employed do not show alot of income since it is a fairly new business
I am not loking for a modification just help me get into a fixed for the long term 

is it possible??? 
  • March 03 2013 - Delray Beach
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Answers (1)

Hi user9286881, Your situation is not uncommon. Starting a new business you're faced with multiple inherent road blocks, when trying to refinance. If your business is your only source of income,most lenders need to see at least  two years of work history to establish a consistent income pattern, unless you have several years in the same field you may be able to get an exception. The second is that often time new business owners have a lot of write offs and even reported losses for their first year or more, which makes it even more difficult once you do have income to have a acceptable qualifying average.

1. I would contact the bank that services your loan, especially if it is a credit union, they may have an option if your a long standing member.

2. If option one is a dead end, contact a local licensed lender who can go over your debt to income ratios, so he or she can identify what income your business will have to produce and how long it will take so you will acceptable qualifying income to refinance  

I hope this helps please let me know if you have any other questions.
 
  • March 03 2013
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