I connected this morning with Tyler Osby of Four Legacies Mortgage. I met Tyler through Twitter (you can follow him @tylerosby). I have been impressed with the breadth of information he provides. He uses Twitter in a very meaningful way by acting as a resource on the mortgage market.
Tyler brought up a great point today during our discussion. When someone starts a business they must demonstrate at least TWO YEARS of verifiable income, assets, credit history and tax returns before the new business owner will be able to get a new mortgage. It’s something I’ve always known but never really discussed much with clients when they are forming a new business.
So if you are planning to start a new business be sure to review your mortgage interest rate. Otherwise, it may be a couple of years before you can do much about it.