Have adjustable rate mortgage. Want to lock in a rate but unemployed…?

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We currently have an adj rate mortgage. We would like to lock in a rate since rates are down but we are unemployed. We have money in the bank and stock market investments. What are the chances of locking in a rate in this situation? One of us receives a pension and soc sec monthly (about1800.) What kind of rate is possible in this situation? (Have excellent credit) Balance on mortgage loan 156,000. (Original loan 160,000 / 4 yrs ago) 250,000 down when purchased.

  1. Reply
    May 16, 2011 at 4:55 am

    Contact your lender and tell them you want to lock in and ask for the details.

  2. Reply
    May 16, 2011 at 5:13 am

    Thefirst answer may work, if the loan servicer still owns the loan. However the vast majority of conforming loans are sold, bundled into large holdings. Getting a loan terms changed in those cases is nearly impossible.
    You are in a catch 22. Without sufficient income to qualify for a 160,000 loan, which would require between $ 32,000 to $ 40,000 in annual household income, you wont qualify for a new loan.

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