Posted on: 27th Dec, 2009 07:56 pm
i recently left my job and received a nice buy out worth 80,000 dollars and a 25,000 dollar vehicle voucher. i have a bachelor of science now and decieded to return to school for a totally different major, occupational therapy. i put down 110,000 dollars on my home that i'm currently still in. it's a fixed rate at 5.875%. i have equity built up and i also have 3 roommates that basically pay my mortgage for me, i do, however, have the other bills associated with a house..cable, gas, electric etc. i wanted to refi before i left my job but the rates were not worth it for me to do it. now, there perfect for me but i don't have a job. if i could refi, i could save almost 400 a month on my loan. i've never missed a payment nor have ever been late in my mortgage. i always used gmac as my mortgage lender since my first house, 9 years ago and never missed or never was late on a payment. my credit rating is in the low 800's but they said i can't refi cause of my job or lack of. i never said anything about my roommates and how they basically pay my mortgage, should i and if i do can that be considered my income? i chose not to work cause i have money in the bank and on top of that, i now have even more with my buy-out that i took. i chose not to work cause i wanted to focus on school and complete it asap. is there anyone who will refinance me?
Even though you are earning rental income, it will not be enough to qualify. I would focus on finding a job and then refinance immediately afterwards. You will be hard pressed to find a loan that does not require you to have a job AND with a rate lower than what you have now.
As Eric stated, you're not going to find a program that does not verify employment with a lower rate that would make it worth your while. At this point, I would be content with the rate you have. You are below 6% and your mortgage is almost covered every month by the others whom share your home with you.
On a "No Income - Verified Asset" loan in my area, you are facing an Interest Rate of about 5.5% on a 30 Year Fixed. I hope this helps...
On a "No Income - Verified Asset" loan in my area, you are facing an Interest Rate of about 5.5% on a 30 Year Fixed. I hope this helps...
