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Subject:Re: FWD: Advice on contract vs. captive From:Julia Land <jltw -at- EARTHLINK -dot- NET> Date:Fri, 4 Sep 1998 16:55:36 -0500
> One nasty aspect of being a non-W2 contractor is that if you try to
> refinance a mortgage or try to get a home remodeling loan, no mortgage
> company or bank will have anything to do with you. You may be able to
> convince them that you have a dependable income, but you have to do lots of
> talking, etc.
I've been working 1099 for about three years now. While I haven't tried
to refinance a mortgage or get a home remodeling loan, I have had no
trouble borrowing money. My bank wanted to see tax returns for the past
2 years and the current contract, but there was no problem. It may be
because I use a small independent bank. They may be more flexible in
their lending arrangements than the huge conglomerates. It may also be
that as a woman-owned business I let them make a check mark in some
equal opportunity lending column.
