For people who are self-employed or seasonally employed, or those who are currently experiencing an employment gap, applying for a mortgage can be a particularly apprehensive experience. Mortgage lenders like easy employment verification and a few years’ worth of W-2s when they’re considering a mortgage loan, because they consider them less risky than other types of employment.
But as a borrower, you don’t want to be penalized for not having a job when you’re confident in your ability to repay a mortgage loan, or if you want to refinance your mortgage to lower your monthly loan payments. Lower loan payments can be especially helpful if you’ve recently lost your job and are worried about your monthly budget.
Unfortunately, many lenders hesitate to approve new mortgages or refinance loans for unemployed borrowers. While it can be challenging, it isn’t impossible.
Yes, You Can Still Get A Mortgage Or Refinance While Unemployed
You can purchase a home or refinance if you’re unemployed, though there are additional challenges. There are a few things you can do to improve your chances as well.
Many lenders want to see proof of income to know that you’re able to repay the loan. Of course, just because a mortgage https://installmentloansgroup.com/installment-loans-ut/ applicant is unemployed does not mean they won’t repay the mortgage. Continue reading “Can I Get Approved For A Mortgage Or A Refinance Without A Job?”