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?

As long as you match the duration of the loan, and do a no-cost refinance; you will come out ahead. The no-cost refinance loan ensures you have no closing cost. And the break-even point is easy to calculate.

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The current low rates are as result of actions taken by the FED based on economic conditions.

If you are waiting for the economy to improve and get a job; will mortgage rates continue to remain low?

Low mortgage rates combined with high unemployment has led to a peculiar situation.

Can You Refinance While On Unemployment?

In most cases, you cannot refinance your house if you are unemployed. For tax purposes, unemployment income is counted as wages. But it cannot be used for refinancing; except in the narrow case of seasonal workers.

A seasonal worker, can document that they received jobless payments consistently for at least two years and be considered for a mortgage.  And the lender must verify that the seasonal income is likely to continue.

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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. Main challenge is having a co-signer agree. Because they would be responsible for the mortgage in case of non-payments.

FHA Streamline Refinancing

The FHA streamline refinance is ideal for homeowners with an FHA loan currently; and want to reduce their payment. The FHA streamline does not need income verification. You may be required to prove you are still working, but the income from that job need not be verified.

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