How do you cash out refinance on a property without a 9-5?

[Shane V Charles]

Hi,

We are looking to gain a better understanding for refinancing on our property. At the moment, we are under the impression that you need a 9to5 or proof of 2 year income(self employed). Does anyone have profound knowledge of this process?

Thank you in-advance.

[Dan Mundie]

Originally posted by @Shane V Charles:

Hi,

We are looking to gain a better understanding for refinancing on our property. At the moment, we are under the impression that you need a 9to5 or proof of 2 year income(self employed). Does anyone have profound knowledge of this process?

Thank you in-advance.

 Guessing this is a residential refi (and not commercial). Is this a rental property, or your own residence? 

This can be very tricky to accomplish without a regular W2 gig and without proving historical income, especially via the regular bank route (as other replies mention). However, there might be ways around it, through credit unions, other non-bank lenders, and even commercial, depending on what type of deal it is and if you have other properties. 

That said, all of the above will cost you - typically in rates and points. You should very much weigh out your equity position, and how favorable it is to do so, including what your end goals are. 

You might have an easier time getting a HELOC, instead of REFI.

Again, tough to assess with info provided. 

In any event, good luck!