Did you know over 600,000 new businesses<\/a> start every year in the United States?<\/p>\n\n\n\n If you\u2019re among the entrepreneurs who have launched more than one business, thumbs up. Small businesses are the backbone of the American economy. Owning multiple businesses also means you\u2019re not afraid of the high failure rate small businesses face.<\/p>\n\n\n\n Now that your businesses have picked up, you probably want to treat yourself with a new house. But like most Americans, the only way to afford the house you want is to take out a mortgage.<\/p>\n\n\n\n The big question is: will you qualify?<\/p>\n\n\n\n Here\u2019s everything you need to know.<\/p>\n\n\n\n\n\n As an entrepreneur with several businesses, you probably have a couple of other personal and business loans. After all, a good number of entrepreneurs rely on debt to start their businesses.<\/p>\n\n\n\n If this is the case, mortgage lenders can see you as a high-risk borrower.<\/p>\n\n\n\n If some of your businesses crumble or become less profitable, your income will be affected. Consequently, you might not be able to pay all existing loans. And considering that mortgages are typically large, you can see why any lender will be reluctant to do business with you.<\/p>\n\n\n\n So, how can you improve your chances of getting a home loan?<\/p>\n\n\n\n It\u2019s not uncommon for business owners to become too invested in their business\u2019 credit scores and forget about their individual scores.<\/p>\n\n\n\nWhy Mortgage Lenders Are Wary of Entrepreneurs Owning Multiple Businesses<\/strong><\/h2>\n\n\n\n
Check Your Personal Credit Score<\/strong><\/h2>\n\n\n\n