Refi With An SCorp

[Remove me!Participant]

So I’ve had an S Corp for years now. I’ve been posting a good profit, but of course paying myself very little salary. Like probably $7k a year.

I’ve owned my home for over 10 years, never been late on a payment, and have pretty good credit. I have about %20 to %30 equity in the house.

I need to refinance the house. Does anyone have any good ideas on who I should go to or what I should do?

Thanks.

Like a bird on the wire, like a drunk midnight choir, I have tried in my way to be free.

[NerdTunnelerParticipant]

I still am not at the point where I can refinance everything for my business…Good for you JD…

One thing I read before was… It is much cheaper to invite different bank managers for lunch and get their input on a loan and its intricacies than making a bad loan that you would have to pay off later…Just my 2cents…Good luck JD…

I stand with feet apart and let my balls hang free...Manginas dont have balls...See how they stand and sit at the whim of their masters...

[MarketWatcherParticipant]

Your equity position is good, but being “self” employed refinancing is going to be a pain in the ass. Your closing cost will be very high. I would look at small regional banks or credit unions. Do not agree to any rate over 4% on a 30 year or 3.75% on a 15 year. If you are already at 4.25% or there about on a 30 year a refi may not be a good idea. Rates have already risen and the refi applications began to dry up in early 2017. Shop around and good luck brother.

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