Ranch home on hill

2 Mortgage Refinance Options For Those Without Income

Explore your mortgage options

NMLS #3030

*Connect with a mortgage specialist

We teamed up with Rocket Mortgage to help you get house-hunting sooner. Answer a few questions and an agent will reach out to discuss your options.

Get Started by selecting an option below

What kind of loan are you interested in?

What to expect

Tell us what you need and a representative from Rocket Mortgage will give you a call. You’ll have support at every step.

What kind of property do you want to purchase? What kind of property do you own?

Why we’re asking

Rocket Mortgage® can provide a more accurate rate estimate if they know what kind of property you’re interested in.

NMLS #3030
How do you use your property? How would you use this property?

Why we’re asking

Having a little more information upfront helps Rocket Mortgage® provide a personalized rate faster.

NMLS #3030
When are you planning to buy?

Still House Hunting?

Hope you find your dream home soon! In the meantime, it’s never too early to know your rate.

NMLS #3030
Are you a first-time home buyer?

It’s all good:

Whether it’s your first – or second property – Rocket Mortgage® can provide you with a rate estimate.

NMLS #3030
Do you have a second mortgage?

It’s all good

If you have a second mortgage, it’s no problem. Letting us know helps to customize your rate.

NMLS #3030
What is your credit score?

Don’t know your score?

Don’t sweat it! Make your best guess. Credit scores range from 300 (low) to 850 (excellent).

NMLS #3030

Tell us a bit more about you

What happens next?

A representative from Rocket Mortgage® will be in touch to discuss your commitment-free, personalized rate. Then you can decide whether you’d like to lock it in!

NMLS #3030

Enter your contact info so Rocket Mortgage® can get in touch!

By providing your contact information and clicking the "Agree & Send Information" button below, you agree to our Terms of Use and Privacy Policy. You also expressly consent by electronic signature to receive telephonic sales, promotional, marketing and other calls and text messages, including any calls and messages sent by any automated system or other means for the selection or dialing of telephone numbers, or using an artificial or prerecorded voice message when a connection is completed, from Rocket Mortgage, its Family of Companies, our partner companies and our marketing partners at the telephone number you have provided, even if that telephone number is on a corporate, state, or national do-not-call list or registry. Your consent and agreement to receive such calls or text messages is not a condition of purchasing any property, goods or services from us, our Family of Companies or any of our partners.

NMLS #3030
Your information has been sent!

A Rocket Mortgage® expert will reach out soon to discuss your options.

Your information has been sent!

A Rocket Mortgage® expert will reach out soon to discuss your options..

There are a number of options for those dealing with financial setbacks. For those who are experiencing a sudden financial hardship such as a loss of employment, making their monthly mortgage payments can be difficult. Dealing with loss of income or an increase in bills from hospital stays or other unexpected expenses often leaves homeowners with nothing but their savings to cover their bills. One option to help relieve some of this financial stress is to refinance.

With the current low interest rates, refinancing can help homeowners drop their monthly payments by a good amount. However, refinancing is usually only an easy option when the homeowner is current on their payments. This is because lenders typically want to see six months to a year of on-time payments. Missing even one can make it very difficult to be approved for a refinance loan.

Those who can get approved will find that refinancing can help reduce their monthly payment in different ways:

1. Refinance a fixed-rate mortgage for an adjustable-rate mortgage (ARM).

ARM interest rates are lower than fixed rates and may save borrowers more than $200 a month. Of course, these rates could change at a later date.

2. Refinance to a loan with a longer maturity date.

While 15-year loans allow borrowers to pay off the loan faster and usually have lower interest rates, the monthly payments are much higher. By refinancing from a 10, 15, or 20-year loan to a 30-year one, borrowers can lower their payments.

See your refinancing options

Ready to see what your new mortgage could look like? Get expert recommendations today and start planning for your future.

The Short Version

  • ARM interest rates are lower than fixed rates and may save borrowers more than $200 a month.
  • By refinancing from a 10, 15, or 20-year loan to a 30-year one, borrowers can lower their payments.
  • Refinancing is usually only an easy option when the homeowner is current on their payments.
Back to top of page

You Should Also Check Out…

Our team of financial experts write, review and verify content for accuracy and clarity.