Apply For Unemployed Mortgage Refinance Loan Online With Expert Help

If you are looking for most affordable deals on refinance home loans for unemployed then your best bet is to get assisted by a competent local mortgage expert. MortgageRefinanceBadCredit can assists you to fix free initial consultation within minutes online!

Learn How to Refinance Mortgage When Unemployed with Help Online

It could be highly challenging to get your home refinanced to a lower rate while you are jobless. Not many lenders could be willing to take the risk of lending you the money. Besides, to qualify for home refinancing, borrower needs to be current on your existing monthly mortgage payments for the past 12 months. But probability of getting approved will be much higher if a sustained approach is followed.

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Know the Process for Getting a Mortgage While Unemployed

By qualifying for a jumbo mortgage refinance loan through us, you can secure the below mentioned advantages and save money.

  • Determine if refinancing is right for you – As you are jobless, applying for additional credit can be a risky proposition especially if your credit profile is bad. Refinancing attracts certain costs and these might take time to recover. If new interest rate is not low enough, you may end up in a precarious situation hard to overcome.
  • Talk to your existing mortgage loan dealer – Many homeowners overlooks this perspective as they think that their lenders will not agree to any such proposal. There is tough competition among loan dealers and they just don’t want their clients to go they may consider individual cases and grant loan modification or provide refinancing alternative to their customers.
  • Calculate overall costs for refinancing home – The main purpose of getting your home refinanced to a lower sustainable interest rate is to reduce monthly mortgage payments significantly and save money. If refinancing does not enable saving money then the entire exercise can be futile. So, it is advisable to calculate affordability of new home loan instalments.
  • Compare multiple free home refinance quotes – To identify the right lender for your financial and credit circumstances, it could be vital for you to shop around extensively and compare free quotes offered by several different top rated local home refinance loan lenders. The task could be complicated but with our expert help, it will be stress-free.

If you are facing problems with your documents while unemployed, You can also start for no doc mortgage loans.

does unemployment affect getting mortgage

Refinancing Mortgage When Unemployed – Few Things You Must Consider

  • Mortgage refinancing alternatives

    You must be more practical at the time of researching various options for refinancing home when you are unemployed. Accordingly, you can look for loans which require low down payments or co-signers as such prerogatives can help you to secure the best possible deal for your specific needs and budget.

  • For how long you are unemployed

    Lenders will also verify the exact time period for which you have been jobless. To that effect, you need to give them explanation regarding the efforts you have made to get new job or give valid reasons for being jobless.

  • Ability to repay refinance home loan

    To enhance chances of obtaining a mortgage refinance loan with an unemployment record, you can show lenders that you do have some alternative source of income, which is sufficient, stable and regular, in the form of pension, interest from deposits, etc.

Getting a Refinance Mortgage for Unemployed People in Just 5 Easy Steps

If you are still thinking of getting a home loan when unemployed online then it could be better if you follow the below mentioned steps.

  • Fix an appointment with a HUD approved housing counsellor to know what types of mortgage refinance programs are available for your situation. Usually, these services are free or you may be charged much lower fees but they can help in making some headway to deal with your debts or need for money.
  • Search for a co-signer from among your friends or relatives, who has good credit reputation, and get your home refinance loan co-signed. Also don’t forget your spouse, maybe she or he is having a stable and steady job with regular as well as stable monthly income for paying loan instalments.
  • Before you start exploring your alternatives for getting a mortgage after unemployment, it could be advisable for you to gather all necessary documents, which lenders will demand for verifying your ability to stay current on the new loan. To that effect, keep copies of income tax returns or alternative incomes ready.
  • Contact your lender’s loss mitigation department and find out if refinancing help can be received by giving explanation about the current state of your finances. HUD housing counsellors can provide advice for negotiating possibility of getting home refinance or even do the talking on your behalf with mortgage loan lender.
  • There are chances that your existing mortgage loan provider may offer you a great deal. But still, you can compare the proposal with other proposals and ensure that you get a solution that is easy to manage and sustain. To check how much money you can save, you effectively use an online mortgage loan calculator.

Guidelines for Getting a Mortgage When Unemployed To Refinance Home

  • Give proof for alternative income – If you are having regular income in the form of alimony, child support, social security pension benefits, interests on deposits, rental income, disability income, and etc. you can show that to the lender you have chosen to work with. Your probability of obtaining an approval.
  • Pull out your savings/investments – In the absence of a job but with an alternative income source, you can always consider using your savings or investments for paying down payment. Such a move might boost your chances getting approved for a home refinance mortgage loan. Most of the lenders will respond treat your request favourably.
  • Get a co-signer to co-sign your loan – If you can get a co-signer, who has good credit reputation and high income, most of the loan dealers will approve you for a mortgage refinance loan even if you are jobless at present but have alternative income source. Co-signers are responsible to pay dues if borrowers miss few payments.
  • Ask if you can get your loan modified – Home loan modification could be your last option if you are already delinquent on mortgage payments or fear to go that way soon. If so is your case, contact your existing lender and ask to be considered for a loan modification. Loan dealer may consider your application and later terms to make payments more affordable.

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can you refinance a mortgage when unemployed
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