Updated over 10 years ago on . Most recent reply
Stuck...refinancing options, creative ideas for self-employed
Hello everyone,
I have a question and need some thoughts/advice. My hubby and I own a small HVAC/Plumbing services business, but we are totally new to REI. As we gain more and more information through BP, we are growing in confidence and looking forward to, one day, being able to make our first deal. Where we feel stuck is this: We are self-employed and bought our first home 3 years ago through a special program for low to moderate income individuals. We are very happy with our low and fixed interest mortgage, however, one of the conditions of the mortgage (to ensure that it is owner-occupied and not abused by investors) is there is a lien on the property. The only way to get out of this is to refinance with another mortgage company. So what's the problem? We tried to get the conventional mortgage loan before and we got no where because we are self-employed (no W-2s), we were grateful to find our current mortgage program. Our mortgage interest right now is 1.875% fixed, it's a great rate that we wouldn't want to lose. We're willing to lose it though if we could find a way to refinance to eliminate that lien and give us more financing options for future real estate endeavors. Has anyone ever had a situation like this before? What kind of advice could you offer in light of all of the above. Thanks for your time.