Mortgage Rates are great right now

[rkymtnman]

I bought a house on stated income once - owned my own business at the time. IIRC, it all boiled down to your credit worthiness (big surprise). It was several years ago so I don't remember the entire process. I do remember it wasn't a real big deal and we got a decent loan - may have been a half point higher with the stated income. Sold that place over a year ago - wish I never did....

 

[Skogen]

I would stick with a well known company. Alot of smaller places advertise low rates, but they will stick it to you with fee's. And they do not house their own loans, they sell them. I would stick with somebody that is local, where you can go into and talk to your morgage rep, instead of talking to some guy in Pakistan on the phone.

Morgage process for a business owner is similar. Instead of using your W2, and paystubb, you will need 2-3 years of your tax returns, and a current P & L.

 

[FirstPlaceParts]

I refinanced a few years ago while being employed and also a small business owner. I had to verify my income based on tax returs. One major bonus for me was the fact that I had been in business for a few years, which allowed me to show income history for the business.

I was lucky enough to lock in a 15 yr note at 4.25% fixed.

 

[Gainster]

Halfway I am with ya, My wife had our friends into a fixed loan but my buddy thought he could do better & went with a ARM from someone else. Penny smart & dollar foolish is the saying. He saved himself $75.00 a month going with the other guy.... Guess it wasnt a wise move for him/them. I just feel very lucky right now because I have had debt since the age of 18 & now finally @ 39 we are on our second month of being debt free. Still have lots of wants but finally to the age of knowing wants & needs are two totally different things.

I still think that with all the laws the governmet passes to protect ourselves from ourselves they could do something about the ARM loans & high intrest credit cards that have hurt so many. Who know? jmho.

I had to revisit this from a little over a year ago, When I said the gov should have protected us I should have said the gov should have protected us from Chris Dodd & Barney Frank!!!!!!!!