Uten Sikkerhet Refinansiering – Refinancing Without Security or Income

Uten Sikkerhet Refinansiering – Refinancing Without Security or Income

Refinancing Without Security or Income

Sometimes you come into tough times, and you will need to refinance your home. Usually this is done to save some money on the monthly payments. Other times it is to find a lower interest rate that can also save you some money.

You can use your previous lender, or you can choose a new lender. You could always refinansiere uten sikkerhet – or refinance without security – with an online lender or one that is onsite. There are many to choose one, find one that best fits your needs at the moment. Sometimes you will need this type of loan if you have lost your income.

This article will help to give you some ideas about what to do if you need to refinance after you have lost your income. Some are ideas for no security, and some are for other refinance ideas. If you can’t find an idea that works for you, you could do some more research to see what will fit your needs.

You will first need to check your credit history and credit score before you begin looking for options. To refinance a conventional loan, you will need to have a credit score of at least 620. If you have an FHA loan, your credit score can be as low as the mid 500’s. Either way you will need to know what your score is so you can decide which type of loan you will try for.


1. Try Your Previous Lender

You already have a history with your previous lender, and they have much of the information that they need. They also should know if you have been having issues with paying your current mortgage. If you talk to them before you go into default, they might be able to help you get current on your loan. They might have some ideas that you haven’t yet thought of. They also might be able to refinance your loan so that you have a lower interest rate or a longer term for your loan.

All lenders, including your previous lender, will look at your debt-to-income, or DTI, score to see if you have the money to pay off your loan. They will also look at the loan-to-value, or LTV, score to see if your home is still worth loaning money for.

2. Check Out an FHA Streamline Refinance to see if you qualify for it when you need to refinance.
Find out more about this loan here:
https://www.hud.gov/program_offices/housing/sfh/ins/streamline. You can investigate this if you already have an FHA loan and not a conventional one. The FHA has been known to help refinance with the Streamline for people with scores as low as 580 even though the average score for financing a loan is about 667. If you have enough equity in your home, they have even been known to refinance with a score as low as 500. This might be something that you can do even if you won’t qualify for other refinance loans.

For this type of loan, you don’t need a lot of extra paperwork because it doesn’t require much credit documentation and underwriting. They do need proof that your mortgage has been paid on time and in full for the last six months. To be able to refinance, the new loan must provide at least a five percent reduction in the cost of your mortgage payment.


3. Explore an FHA Rate-and-Term Refinance

The Streamline refinance can help those that already have an FHA loan while the rate-and-term is for anyone that has a loan that needs to be refinanced for a lower rate. This type of loan requires more paperwork because you will need to have your credit score checked again and you will need a new appraisal. The previous loan must be up to date for the month that you are planning on refinancing.

You will not be able to get any cash out from this loan, it is just for reducing your monthly mortgage payment. Any proceeds that you have left over must go to pay on your loan. You can add second and third mortgages into this refinance, however.


4. Apply for a VA Streamline Refinance or VA Backed Cash Out Refinance Loan

This is similar to the FHA Streamline refinance, but your home must already have a VA, or Veteran’s Administration, home loan. You can refinance your loan even if you have bad credit with this loan, also known as an Interest Rate Reduction Refinance Loan, or IRRRL. Lenders who do this type of loan will need two years of tax information including your W-2’s and federal tax returns. You will also need to have your home reappraised for this loan. You will also need at least six months of your previous loan paid in full and on time.

The VA requires that you are able to recover the costs of the refinanced loan within 36 months of refinancing. This also allows you to have a cash out option if you need it to consolidate other debts.


5. Use the USDA Streamlined Assist Program

If you had your previous loan through a USDA program, you could try this option. This is good for you if you don’t want to do a credit check or if you have bad credit. They do require you to have twelve of your past mortgage payments to have been paid on time and in full. You also do not have to have your home reappraised for this loan; they will use the previous value of your home. You will also need to see a reduction of your mortgage payment of at least $50 per month.

6. Consider a Portfolio Refinance Loan

This is yet another type of refinance loan for people with bad credit or those who have lost income in recent months. A portfolio loan is one that is kept at the original lender and not sold off to other people. The banks and mortgage brokers hold the loan themselves and are more lenient with their lending than the federal entities. They set their own standards for the loan and have their own requirements that might not be as stringent as other lenders.

These lenders might be less stringent with their qualifications, as well, meaning that you might not have to have as high a credit score. Your credit history will still be looked at, but they might give you a better chance if you have had a history with that particular lender.

7. Find a Co-Signer

If all else fails, you can find someone that is willing to co-sign for you. This person should have a better credit history than you and have better finances than you. This needs to someone that trusts you to pay back your mortgage on time because if you don’t, you will ruin their credit and could cost them some money. Usually, this person is a friend or relative, so you don’t want to ruin any relationship that you might have.

8. Work to Improve Your Finances and Credit

If you can’t find a co-signer and all the other refinance options don’t work out for you, you will need to work hard to improve your finances and your credit. Find another job that will pay you more money or an additional job to go along with one that you already have. You can work hard to make sure that you are paying off other bills that have affected your credit and keeping your mortgage paid on time. Once you get everything paid up to date, you might be able to refinance at a later date.

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