Possible to refinance with a job?

Discussion in 'Loans & Mortgage Brokers' started by BalloonTree, 26th Feb, 2020.

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  1. BalloonTree

    BalloonTree Well-Known Member

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    Is it possible to refinance without a job?
     
    BalloonTree, 26th Feb, 2020
    #1
  2. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    You need income to qualify for a loan.

    So unless you earn other types of income in sufficient amounts, you're not going to be able to refinance.
     
    Peter_Tersteeg, 26th Feb, 2020
    #2
  3. David R Sutantyo

    David R Sutantyo Well-Known Member

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    It's not a job if you do what you love and get paid ;)
     
    David R Sutantyo, 26th Feb, 2020
    #3
  4. sumterrence

    sumterrence Well-Known Member

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    If it is a joint loan and your partner has sufficient income to support the loan than yea its doable. If all applicants are out of job than no it is impossible.
     
    sumterrence, 26th Feb, 2020
    #4
  5. Lindsay_W

    Lindsay_W Well-Known Member

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    As others have said above.
    What's the reason you want to refinance?
    If it's just for a lower rate you could try to get a better discount from your current lender, fixed rates are another option to consider. You can do either of those two options without refinancing.
     
    Lindsay_W, 26th Feb, 2020
    #5