- 1). Call several mortgage lenders to ask about the interest rates they're offering on refinances. Remember, you don't have to work with your current mortgage lender. You can work with whichever lender offers you the best interest rate on a refinance.
- 2). Tell the lenders that you call that you have a short six-month work history. Some lenders might decide to not work with you. Others may work with you if you can prove in other ways that you're not a high risk to default on your new loan.
- 3). Gather and make copies of the financial papers that will help prove that you have enough money available to make your new monthly mortgage payments. These papers might include bank savings and checking accounts that show that you have a significant amount of money in your accounts or copies of your last two pay stubs showing that you make a sizable income in the job you now hold.
- 4). Ask your employer to write a letter of recommendation on your behalf stating that even though you've only worked at your current job for six months, that you're an employee in good standing. This voucher from your employer can convince cautious mortgage lenders that you're not likely to get fired and not have an income stream anytime soon.
- 5). Send your lender your employer letter and your financial paperwork. Your lender will study these papers to decide if you're too risky for a mortgage loan.
- 6). Sign the paperwork that makes your refinance official and pay your closing costs, if your lender approves your application. You can either pay your closing costs in a lump sum or roll them into your new loan payments.
SHARE
