Ask Terry Questions Refinancing mortgage

Refinancing mortgage

By Terry Savage on August 11, 2020 | Housing / Real Estate

Hi Terry, I hope this finds you and your family well! You’ve been extremely helpful to me and so many others! You recently helped me and I have another question on a different topic. As you may or may not remember I’m currently unemployed. With interest rates at historically low levels I’d like to refinance my mortgage. My questions is ,is there a way to refinance while unemployed. I’ve spoken to a couple people who have said I couldn’t. I have excellent credit and it would be a shame if I couldn’t take advantage of these lower rates. My current rate is 3.875, my loan balance is approx $218,000. Thank you so much! I look forward to hearing back from you.

Terry Says

I have bad news for you. ALL mortgages are based on income. That’s a problem many retired people have — lower rates, but no income locks them out of a refi. And sadly, that’s the case in your situation. Sorry.

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