Refinance without a job??

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Posted by bons (My Page) on

Thu, Apr 30, 09 at 13:17

Is it possible to refinance to a great interest rate without being employed, or rather, having a small self-employment income? Here's the info.

I was laid off in November from a well paying job I had been at for 15 years (100K+/year). I am currently looking for full time employment.

I also have a small business (for the past 17 years) which I average $20,000 a year gross. Plus I get a little unemployment.

I owe about $162,000. and my house is worth about $500,000.

Excellent credit. No debt (other than the house).

My current interest is 5.37 (30 year fixed). I would like to get it into the mid-4% if possible.

Can this happen without full time employment?

TIA
Bonnie

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RE: Refinance without a job??

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Posted by dave_donhoff (dwdonhoff@hotmail.com) on
Thu, Apr 30, 09 at 16:09

Hi Bonnie,
Some quick calcs show that a $20k documentable income (that is validated by an at-least 2 year past history) is unfortunately wayyyy too low to support acceptable debt-to-income ratios for a $162,000 loan, plus taxes & insurance.

Here are your options;
A) get a job (yeah, as if it were as easy done as said, right?)
B) seek a loan modification to get the payments restructured to your real CURRENT and reliable income cashflow situation.

I suggest the latter.

Good luck on both!
Dave Donhoff
Leverage Planner

RE: Refinance without a job??

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Posted by joyfulguy (My Page) on
Thu, May 7, 09 at 17:16

My knowledge regarding real estate and mortgages is somewhat sketchy ... but, for what it's worth, I agree with Dave.

ole joyful

RE: Refinance without a job??

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Posted by investment (My Page) on
Mon, Aug 3, 09 at 9:52

Yes, you can get easy funds from this large network of investors and entrepreneurs.

Here is a link that might be useful: investment network

RE: Refinance without a job??

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Posted by chemocurl (My Page) on
Mon, Aug 3, 09 at 22:37

Yeah, way to go investment. Join today, ignore the Terms of Service you agreed to and post your Spam. It's a good way to get started off on the wrong foot and get yourself and your IP banned here.

Yes, you can get easy funds from this large network of investors and entrepreneurs.
Yeah, yeah, yeah...that is what got the country in the shape it is in. Get a life please.

Sheesh...

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