Refinance Options When Homesharing

Updated: Apr 5

Guest contributor: Emmanuela Urbani, Licensed Mortgage Agent

If you have been homesharing for some time and would like to refinance your home or unlock equity from your home for any reason, you may be wondering whether you can use the income you receive from homesharing to maximize how much you qualify for.


The short answer is yes.


Options to Help Qualify Homeshare Income When Refinancing


There are options that would allow you to use the homeshare income to qualify. However, here are a few things to keep in mind:

  • The more competitive mortgage products will typically accept from $500-1000 per month to use as qualifying income.

  • A homeshare agreement will need to be drafted for the purpose of qualifying for the mortgage or line of credit when using the homesharing income.

  • It is recommended that you have been homesharing for a minimum of three months prior to deciding to refinance or add a secured line of credit.

  • A draft rental document in addition to the homeshare agreement might be needed for a more competitive rate.

There are other mortgage products that offer more leniency. For some of these, a homeshare agreement may not be needed and there may not be a maximum amount you can use as your homesharing income. As a general rule, the more flexible a financial institution is, the more you can expect to pay in fees and interest rates.


Mortgage Agents Offer a Variety of Finance Products


If you have already attempted to refinance or get a home equity line of credit with your bank and were refused, there may still be options for you. The best way to explore all these options would be to go through a mortgage agent, who will have access to a variety of mortgage options; help clients understand how to optimize their file, troubleshoot solutions, and offer any available cost-saving measures for legal fees, appraisals, and more.


Unlike mortgage specialists at the major financial institutions, a mortgage agent will have the ability to explore many more financial institutions and products for you, rather than being limited to a handful of products offered from one financial institution. Licensed mortgage agents receive ongoing training and are required to maintain a higher standard of transparency and compliance in order to remain licensed.


Mortgage Options Don’t Have to Be Overwhelming


At times, the options and possibilities when looking for a mortgage or secured line of credit can be overwhelming. Each situation is very unique, and each financial institution will have its own rules, guidelines, and options. Web articles are great for general information; however, working one-on-one with an agent is the only way to truly explore and learn the specifics of your situation.


A good mortgage agent will review your situation carefully and make sure, regardless of the outcome, that you walk away feeling confident and with a complete understanding of your options.


If you’re still unsure and would like more information on how to refinance your mortgage, reach out to Emmanuela. She has the experience and know-how to guide you through the available mortgage options and approval process.





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