Refinancing Question

[Johanna R.]

Can you refinance a home when you have a 100% equity but the owner’s only source of income is the rent?

And if I cant refinance this way, are there any other ways to leverage this 100% equity? 

Thanks!

[Account Closed]

Johanna:  The lender is going to like your 100% equity.  But part of underwriting a loan is to look at income versus what the proposed payment will be.  We really don't have enough info here.  They're going to look at the rent, then they're going to compare it with the proposed mortgage debt (and any other debt that you have).  Finally, they're going to look at your credit.

If I were you I'd check with a good mortgage broker, see what options he has available.