Will it ever be possinle to Refi at a good rate???

[Mike Balcom]

   As I am writing this I am very agitated and will be ranting a bit. I am a professional pickleball player (yes, as crazy as that sounds it is a thing). I coach and train folks at one of the most luxurious country clubs in the country (there is an airstrip on-site). It is a seasonal job that is very lucrative and a ton of fun. The problem I am facing is that it is a seasonal job.

Let me explain a bit about myself:

1. 778 credit score

2. Cash reserves in the bank

3. Never bankrupt or anything else negative.

I own a property free and clear. It is now worth about 240k and I would like to refi it so I can use that capital for my next investment. I own nothing on this property. I have spoken to many hard money lenders and they are more than happy to refi or just give me a regular loan but I am looking at rates 8-12%. I rather refi with a bank. I have tried Bank of America (my bank), they said no. I tried my local credit union, they said they do not refi investment properties. I have applied to other big banks and the answer is always no. Why is the answer no, well you see I said that it is a seasonal job.

I work there for 7 months and am footloose and fancy-free for the other remaining 5 months. I usually end up going up north and coaching at other county clubs but as a 1099 worker, not a W-2 employee, like I am at my seasonal job. Because of this, I can not secure a refi when I am not working, which is right now.

So why am I writing this, well I am looking for guidance. Does anyone know how I could refi this at a good rate? 

 

[Beth Mulholland]

In theory, any lender should be able to average the last two years of your wages (W2 & 1099) - that said, you likely still need to show proof of some kind of employment at the moment but a 1099 should work. The history is the more important piece, at least in my experience. I would try a mortgage lender/broker over a bank. They can typically offer more options and flexibility as they can shop the loan around. Good luck!