Return to the Household Finances Forum | Post a Follow-Up

o
Refinance without a job??

clip this post email this post what is this?
see most clipped and recent clippings
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

Follow-Up Postings:

o
RE: Refinance without a job??

clip this post email this post what is this?
see most clipped and recent clippings

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

o
RE: Refinance without a job??

clip this post email this post what is this?
see most clipped and recent clippings

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

ole joyful

o Post a Follow-Up

Please Note: Only registered members are able to post messages to this forum.

    If you are a member, please log in.

    If you aren't yet a member, join now!

Return to the Household Finances Forum

Instructions

  • You must be a registered member and logged in to post messages on our forums.
  • Posting is a two-step process. Once you have composed your message, you will be taken to the preview page. You will then have a chance to review the contents and make changes.
  • After posting your message, you may need to refresh the forum page in order to see it.
  • It is illegal to post copyrighted material without the owner's consent.
  • HTML codes are allowed in the message field only.
  • No advertising is allowed in any of the forums.
  • If you would like to practice posting or uploading photos, please visit our Test forum.
  • If you need assistance, please Contact Us and we will be happy to help.



 
Click here to learn more about in-text links on this page.