Anyone know of any Mortgage companies that will refinance a part-time employee?

Question by Jazi_1: Anyone know of any Mortgage companies that will refinance a part-time employee?
I am very disappointed with my mortgage company and since I work a part-time job, no one else will aid me in refinancing for a lower interest rate. My mortgage interest rate went up this year by 2% and as I know they will continue to increase every 3-6 months.
I went from 7.1% to 9.1%. I been at my part time job for a little over a year. I had plans to sell my home this year but early last year the day my sister passed, I was given a letter from my full time job that I am laid off and they were going to let me know 2 weeks from that date but since I had to take a leave, they gave it to me earlier. Have not worked a full time since. Can someone please provide some sound information for I am desperate and do not want to lose what has taken me ten years to keep.

I live in Illinois. SO far I only had one company run my credit and they states that I am at 633, he also advise me to mention this to other lenders and I know not to release my soc. sec number. Since then I have paid off another bill so my score may be a bit higher.

Best answer:

Answer by wood_vulture
Well, you’re going to have to make a very large decision before anything else:

Do you want to fight to keep what you have, or do you want to fight to get more?

If you want to fight to get more, sell the house asap and reinvest the proceeds.

If you want to fight to keep what you have, I work along with Primerica Financial Services. We can consolidate pretty much any loan under the Sun, and we only do fixed-rate loans and mortgages. If you’d like to talk, e-mail me at My name’s Chris. And I’m only a part-time guy.

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5 Responses to Anyone know of any Mortgage companies that will refinance a part-time employee?

  1. zs8nt says:

    Hello there, I used to work as a loan officer for a bank. So I understand your concern and I would like to give you a simple advice. Do not give up. You are probably on an adjustable rate that started changing already and it will continue to increase until it reaches the maximum interest allowed under the contract that you signed with your current lender.

    There are many banks that will approve you even if you have no job. The two key factors in any loan are the credit score and the LTV (loan to value) which means the amount of loan you are taking compared with the value of the house. The better the credit score and the lower the LTV the better deal you will get.

    My simple advice is to shop around and call as many lenders as possible until you find somebody that will approve you at the proper closing costs and rate. Give the loan officers all the information except your social. You do not want every company to run your credit, that will drop your score. You should only give your social when you feel that the company can help you achieve your goal.

    I suggest to start with the big names in the business like Ditech, Quick loan funding, Country Wide Loans. You can find all these mortgage companies online.

    Good luck and if you have any further questions feel free to contact me by email,

  2. Barbara R says:

    It sounds like the problem lays with your employment, not your mortgage. I doubt if you can get a better rates than the 9.1% you have now. Is another part time job in the works? Keep your house payments current, don’t go under. It sounds like you have only had this mortgage for a year.

    AND every time a mortgage company is asked, they will check your credit. Too many checks and your credit rating falls. Just keep up your payments, DON’T lose your house no matter what the interest rate is and get another part time job! It’ll be fine.

  3. mortgage help says:

    For what state? you may be able to do some type of no doc loan if you have some equity..

  4. S K says:

    I’m a senior mortgage consultant with a mortgage company. We have had situations similar to yours on a number of occasions and have been able to help homeowners get new financing, many times at much more favorable terms than they have had. I agree with some of the other respondants who suggest you limit the number of credit inquiries you allow to be done. The solution to your particular problem will be dependent on your credit score and loan to value ratio. I would suggest you contact a mortgage consultant and explain your situation to him or her. Our company has access to over 100 different mortgage lenders which enables us to find the best solution for each situation. I would be happy to review your situation with you and assist you in finding financing that will allow you stay in your home and lower your payments.

  5. stevelarsondirect says:

    There are no job verification loans available. You will need to qualify on your credit. Obviously, since the lender is not verifying you even have a job, you pay a premium for the rate. But it may help you out in a short term situation where you can better decide to stay a few more years or have the time to sell in a better market. If interested, contact me and we can discuss your financing options.


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