How to Refinance a Mortgage Without a Job

How to Refinance a Mortgage Without a Job
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Banks are not always willing to provide refinancing to people without a stable source of income, due to lending responsibility requirements. It's possible to circumvent income requirements by showing that you have significant assets that you can use to pay a refinanced mortgage. If you have access to benefits, a pension or other retirement plan, that also may improve your chances. Having an employed spouse can make it easier to qualify for a refinance, too, and finding a cosigner for the loan may work as a last resort.

Collect and organize data about your financial assets and sources of income outside of your job. If you have income as a freelancer, contractor or from some other source, it can boost your case to the bank. Income from investments, a trust, insurance, lawsuit settlement or any other source may help to convince your bank to approve your application. If you can find someone with a stable income, like a parent or other family member, willing to cosign your loan, it may ease the process of applying for a refinance.

Contact your bank and inform them of your intentions to refinance your mortgage. If you're refinancing with the same bank that currently holds your mortgage, contact the loss prevention department to increase your chances of successful negotiation. Be up front about your lack of a job, but also explain any mitigating sources of income or assets that you might have that makes you a more attractive borrower.

Contact as many banks as possible, if you're turned down for refinancing at first. Applying for refinancing from multiple banks in a short period of time may show up on your credit rating, but it's unlikely to be sufficient to harm your chances of winning approval. Discussing refinancing with multiple institutions also will improve your chances of finding a lower rate on your mortgage.

Complete the refinancing process once you've found a lender willing to accept you. Pay all relevant fees or add them to the amount of your loan. Read your new loan documents carefully before signing them. If you become employed later on, you may be able to use it as an opportunity to negotiate for an interest rate reduction.


  • If you have no income, no outside support and receive no benefits, then you may find it nearly impossible to qualify for refinancing. If you have no job but still earn capital gains from your investments, be sure to highlight that fact to prospective lenders, especially if that income is substantial.