Question by Paula S: How can I refinance home to take advantage of rate when i’m not working.Unemployed since jan and made paymnts!?
My husband has been off since January has not been late on the mortgage but they wont let us refinance the mortgage. I want to take my name off the mortgage too. For personal reasons but they wont! How does this low rate benefit ne one when everyone is basically unemployed!
Answer by Common Sense
“Everyone” isn’t unemployed, 8-10% are.
No one will refinance you without a job. Would you if you were in their place?
Know better? Leave your own answer in the comments!
For BOTH cases, you MUST refinance. In order to refinance, you must meet the qualifications of buying the house for the first time. If you have no job, you are unable to refinance. This is NOTHING new or isolated to your case. Everyone is NOT basically unemployed. Unemployment rate is under 10%, meaning that over 90% of able bodied people are WORKING. You are the minority in not working, NOT grouped in with “everyone”. Many many people are enjoying these low rates, but ONLY those who QUALIFY. You are not entitled to a refinance or low rates…you must EARN them and be in a position to apply for them.