Will a home equity loan hurt my debt to income ratios everely?

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Im also thinking of opening a small business in the future....just wondering if this will have an effect on it

Will a home equity loan hurt my debt to income ratios everely?

I don't know where you live, but you can go to any local mortgage lender's website and they will have special calculators to use for figuring things like this. Generally a DTI ratio if figured by the lender and it does help determine what type of loan, what interest rate and even if you can get the loan. Anything over 50% DTI, won't get approved. Although, again, I don't know in which state you live, your guidelines may be different.

But remember, if you decide to get a home equity loan, and you are using it to start a business, then your home is ON THE LINE for the business. So if the business doesn't take off like you believe it should and you're not making money then you may lose your home.

Instead you could go the local places, banks, credit unions, lenders, to try to get a "small business loan" for startup costs and the costs to run for a set period of time. You also might try contacting " SCORE", (Senior Counselors of Retired Executives), they give free advice to people trying to start up businesses and they are all experienced 'retired' business execs. The SCORE Association is a nonprofit association dedicated to entrepreneur education and the formation, growth, and success of small business nationwide and they are also a resource partner with the U.S. Small Business Administration. They provide FREE consulting services to both start-up small businesses and existing small businesses.

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Will a home equity loan hurt my debt to income ratios everely?

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