You’re finally ready to take the plunge and buy your first home. Congrats! But before you start packing boxes and scheduling movers, you’ll need to apply for a mortgage. And if you’re planning on using your new home as a base of operations for your small business, you’ll need to apply for a business loan, too. The good news is that you can do both at the same time. Here’s what you need to know about simultaneously applying for a business loan and a no closing cost mortgage lenders.
What to Do if You’re Applying for a Mortgage and a Business Loan?
Have your documentation at hand?
First, understand that you may need to provide additional documentation for each loan application. For your mortgage, your lender will likely require proof of income, tax returns, and bank statements. In addition, you may need to provide financial projections, proof of business insurance, and a business license for your business loan. Be prepared to gather all of the necessary documentation before beginning either application.
Next, remember that timing is everything when applying for loans. If your goal is to close on your new home and launch your business within the same month, start working on your loan applications well in advance. That way, if there are any delays in processing or approvals, you’ll still have time to get everything in order before your
Avoid completing lots of credit report hard pulls
When you apply for a loan, the lender will pull your credit report hard. This can temporarily lower your credit score. If you’re planning on applying for both a mortgage and a business loan, it’s best to space out the applications so that you don’t end up with multiple hard pulls on your credit report within a short period.
Learn About Mortgages and business loan
Now that you know the basics of applying for a mortgage and a business loan, it’s time to start learning about mortgages. Check out our resources page to get started. Our guides and infographics will teach you everything you need to know about qualifying for a mortgage, shopping for the best mortgage rates, and more.
Compare different business loan options
When it comes to business loans, there are lots of different options to choose from. SBA loans, business lines of credit, and term loans are popular choices for small business owners. But how do you know which loan is right for your business? Our business loan comparison tool can help. Just answer a few questions about your business, and we’ll match you with the best loan options.
Beware of mistakes and risks
Finally, remember that applying for a mortgage and a business loan can be risky. If you’re not careful, you could find yourself with two loans you can’t afford to repay. Please read our guide on the biggest mistakes to avoid when taking out a business loan before applying.
Applying for a mortgage and a business loan can be a lot of work, but it’s worth it if it means achieving your dream of owning a home and starting your own business. Just make sure to do your homework first and avoid making any mistakes that could jeopardize your chances of getting approved for both loans.
GoNoCost mortgage is a lender with various loan options for you to choose from depending on your unique financial needs and situation. We offer both fixed-rate and adjustable mortgages, as well as FHA, VA, and USDA loans. We also have a wide variety of down payment options, so you can choose what’s best for you. If you’re interested in learning more about our mortgage products or if you have any questions, please don’t hesitate to contact us or call us at (800) 971-7791