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Can I refinance my mortgage with out an earned income?

I've never been late on my payments, I would just like a lower rate than my current rate of 5.5%..I have excellent credit and I use my investments to pay my mortgage..Can anyone help? by Rick Miller from Indian Wells, California. Mar 5th 2012 Reply


Joseph Afonso (jafonso)
#63 ranked lender in Arizona - 197 contributions

If you claim the money your investments are generating on your tax returns and it is enough for you to qualify for a new loan then yes you should be able to. If you would like more information feel free to give me a call 602-531-7040.

Mar 5th 2012
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Kiyoshi Inui (Kiyoshi)
#536 ranked lender in California - 109 contributions

there's definitely room for improvement. depending on the loan amount we can aim for saving monthly, or on overall interest. feel free to contact me to briefly go over your options. 619-822-2407

Mar 5th 2012
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Jay Patel (jaypatel)
#571 ranked lender in California - 5 contributions

Yes we can help. As long as we have 2 years of history on the Tax returns. Also, you have a relatively higher rate then the going rates. You would benefit quite a bit depending on your loan amount. Hope that helps. Conatct us at www.0pointloan.com

Mar 5th 2012
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Bert Carpenter (BertCarpenter)
#37 ranked lender in Arizona - 1,823 contributions

There are several different ways to do this. Contact a local Mortgage Banker/Broker, rather than one of the big banks. Unlike a bank employee, who is most likely just an order taker, a Mortgage Broker/Banker is Trained, Tested and Licensed in all aspects of Mortgage Origination. He/She will have access to loan products of many lenders, not just those of one bank, and can properly guide you. But more importantly, He/She is trained to take a look at the various different options available to someone like you who does not draw a paycheck and guide you into a loan program that makes the best sense for your situation. Don't forget to check out your selected Mortgage Originator at the National Mortgage Licensing System at www.NMLSConsumerAccess.org ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com

Mar 5th 2012
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Blake Kleckner (BlakeK)
#388 ranked lender in California - 258 contributions

Hi Rick: I just completed a loan for a client who is in the same situation as you are. He is retired and living off his investments, but because he doesn't have a "job," so he can't produce W-2s, many lenders were reluctant to extend him a new mortgage loan. He did, however, have tax returns as proof of income, and 1099s from his retirement account, which were sufficient. Fortunately, we have a few lenders that were willing to do my client's 30-year fixed rate loan, and I was able to structure it with a 3.75% interest rate saving my client a bunch of bucks. Obviously, to do the same for you I would need enough information to determine if you can meet all of the lenders guidelines. If I can lower you interest rate to anywhere near 3.75% your savings will be quite significant. Give me a call 16/7, or email me, and I'll be happy to walk you through the process. To learn more about me and our mortgage brokerage, click on my picture. When the next page pops up, click on "Website" and you will be redirected to ours. We work exclusively in CA and get loans done fast, typically in less than 30 days, at low interest rates and costs. Representing 39 quality lenders that offer more than 1,000 loan programs, we definitely have something for everybody.nswer here

Mar 6th 2012
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