Can I refinance with a big cash out if I'm in between jobs?

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lmatrixl

Can I refinance with a big cash out if I'm in between jobs?

My home is valued at 365K. I have 88K of the original loan left on the house. I'd like to refinance the balance and take a cash out in the amount of 190K on top of it. I have excellent credit but I'm currently in between my old job (been there 5 years, resigned last week) and a new job (starting in a week). Our (wife and I) annual income is 126K. My questions are: Can I do this while in between jobs? Will I have trouble getting approved for a new 30 year loan at a good rate? Will they care about what I do with the extra money or ask why I need it? (Repaying a personal debt to family member).

dzwreck

If you have an agreement that you are hired by the new company and it is doing the same line of work, then you will not have a problem. By the time the refinance is ready to close, especially if you are only one week away from starting the new job, you will be working and hopefully you may have even received your first pay check by then as well.
1. Yes you can do this in between jobs for the reasons and explanation mentioned above. You will need to document you have been hired by a new company and possibly that it is in the same line of work.
2. As long as you keep your LTV below 80% you will be able to get a good rate. If you keep your LTV at or below 70% then you will be able to get a slightly better rate. For an LTVat 70%, you would need to cut your cash out by about $22,500.
3. The lender will ask what you plan to do with the extra money. Simply tell them it is for personal reasons.

Best of luck.

minus

As it is most of the time for something like that all you have to do is prove you do not need to do it.

Fact. Most likely you do not need to do this but just want to. Unless it is definately for advancement in business then I would not recomend it. Live well below your income and then hae something later.

That Guy

You should contact a lender...but I don't think you 'll have a problem since your new job is starting soon enough. it would be more of a problem if you haven't found new employment yet...

patrick

You should have no trouble doing this.
Since the application process is going to take more than a week, the mortgage company will be able to verify your new employment in the process. The only issue will be if your home appraise for what you think it will. Remember, most bank appraisers are much more conservative than realtors. You are looking at pulling a loan at 80% of value. That is a key threshold for banks. If the appraisal comes in at $340k, be prepared for the bank to require either PMI (mortgage insurance) or a loan at $272K max

Anthony Penn

no , undless you have goog enough credit where you will be able to get approved on either a SISA , NINA, or NINANE program.

statusquo333

You will have NO problem getting this loan closed. please submit your contact information to www.restructureyourmortgage.com and a certified loan conusltant will contact you. We can have this loan closed in 5-7 days. We look forward to hearing from you.

ModestyWins

If you need a free consultation http://www.mtgdr.com

wizjp

most mortgage companies use a a first requirement that you be currently and gainfully employed. Wait till you are at work.

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