Refinancing difficulty

[Jason Tomassini]

I have owned a property in Peterborough for 4 years. The value has increased enough and the mortgage decreased enough that I would like to pull money out for another purchase.

The problem I am having is that my wife's employment situation has recently changed to freelance. She is making decent money but doesn't have 2 years of NOAs to confirm the income for the banks. My income isn't enough to qualify at A lenders (we own other properties so the debt ratios are a bit on the wrong side).

I am looking for some advice on next steps. Is there something I can do to better position myself with the A lenders? Should I be looking at Credit Unions or B lenders? Or something else altogether?

Thanks.

 

[Thomas Beyer]

Credit unions good bets but try a mortgage broker first. Consider a commercial not a residential mortgage.

Will current lender refi on as is value ? What’s wrong with this approach? How much equity pull out are we talking here ?


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[Jason Tomassini]

Current lender is asking for a full application for anything more than just renewing on the same terms.

Ideally I would have a mortgage and HELOC that went to 80%LTV.

I looked a commercial and the fees lead me to keep looking. If the credit unions don't work it will be my back up plan.

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[Thomas Beyer]

Current lender is asking for a full application for anything more than just renewing on the same terms.

Ideally I would have a mortgage and HELOC that went to 80%LTV.

I looked a commercial and the fees lead me to keep looking. If the credit unions don't work it will be my back up plan.

That is very normal today.

What’s wrong with renewing ? At what rate offered ?

Shop around as money is very fungible. Use a mortgage broker that specializes in investors. Several of these blog here.

 

[Alvaro Sanchez]

This is a well known fact that self-employed needs 2 years of NOAs. As far as I know all lenders will required a full application when increasing loan amounts.