Owning a house is easy, especially if you have a stable job. But if you are one of those who ask this question: How do I negotiate a mortgage refinance if I’ve lost my job? You are in a real delicate situation. Because of the present economic crisis and recession is apparent, more and more people fall into this circumstances.
Although, there is no reason to be comfortable in your current state, you will be somehow relieved to know that there are many reasonable building societies and banks that can help you with your problem. Because there is a continuous decrease of people who acquire new mortgages, most banks are in their earnest effort to be of assistance to their existing clients, so they can keep them. To get back on the right track after losing a job, you must have a clear plan on what you should do next. You must also study the factors that will help you negotiate your current state with your bank.
These are the issues you need to look at to after asking yourself: How do I negotiate a mortgage refinance if I’ve lost my job?
1. Your credit history. This will hugely affect if your bank will consider your situation.
2. Your Profession. This will determine how soon you can get a job.
3. Your Last Compensation. This will verify how much you can pay as soon as you get a new job.
4. Family Income. This will guarantee if there are other members of the family who can make payment in your behalf.
5. Your Relatives. This will determine if they will approve your relative to act as your guarantor.
These things are some of the basic grounds your bank will study to consider refinancing your home mortgage.