How To Get A Mortgage Refinance Without A Job

The general rule with respect to home mortgage is to always refinance when interest rates drop. But can you get a mortgage refinance without a job and if yes, how difficult is the process?

Can You Refinance While On Unemployment?

For tax purposes, unemployment income is counted as wages. But it cannot be used for refinancing; except in the narrow case of seasonal workers.

Family member To Co-sign

As long as you have a family member willing to co-sign; this should be a fairly easy method to refinance.

FHA Streamline Refinancing

The FHA streamline refinance is ideal for homeowners with an FHA loan currently; and want to reduce their payment.

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Asset Based Mortgage Refinancing

Asset based mortgage refinancing lets you refinance without a job. The lender calculates income based on the assets you have.

How Is Income Calculated From Assets?

All stocks, ETFs, mutual funds undergo a 30% haircut. The lender assumes that the market could drop and accordingly considers it at 70% value.

Asset Based Income To Refinance Without Job

The lender will want the “income” from assets to cover not only principal and interest; but also taxes and insurance.

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