Can't refinance my home (see below)

Me: Retired 2 years ago. Pension and dividend income. Too early for IRA distributions :slight_smile:
Debt: Single mortgage on primary residence. $125k Principal. 30 yr fixed with 10 yrs left. 4% Original owner.
Value of home (zillow) $346k
Goal: Reduce payment.
Location: LV, NV.
No criminal record. No bankruptcies/foreclosures.

Debt-asset Ratio: 1:10 (Yes I’m just barely a millionaire. Before the flames I made it the old-fashioned way via bagged lunches, cheap cell phone ($8 a month, free flip phone), no premium sat/cable tv, save and invest-started at $1 a day) I never had a big 6-figure+ income. Almost anyone can do what I did.

Credit: 750+

Banks that will refinance me: None.

Unfortunately I’m not billions in debt (DJT) or have a million loans I’ve defaulted on (BoA) otherwise I could get a refinance easy.

Anyone have a workaround? :slight_smile:

$125k is pretty tiny money. Just write a check and pay off the mortgage. Don’t have ready cash? Then sell off some stocks, which are declining by the day in value.

Seriously, a 4% mortgage isn’t a 4% loan. It’s more like a 6% loan, because you’re making the payments with after-tax income. OTOH, if you’re debt-free, you don’t pay taxes on the money you save each month by not being beholding to the banksters.

You don’t need to refinance. You need to end your need to access financing. That’s the financial problem you need to solve, which might even mean having to go back to work for a year or two.

I owe less than $100K on my mortgage and tried to refinance a few years ago while I was still a small business owner. At that time the 2 banks I spoke to would not refinance anything under $100K. $125K might be too small.

Also, you’re looking for an asset-based mortgage. I was told mortgage companies want to see a year or two of regular monthly distributions to qualify for those. If you were old enough to avoid penalties, that would be the way to go.

Sometimes realtors know banks and mortgage companies with creative lending practices, but I think a lot of that creativity is no longer legal. You might want to ask an experienced realtor if you know one.

Another thought – with inflation increasing and mortgage rates rising, your current mortgage rate might still be a better deal than paying off the mortgage. (Pros and cons both ways)


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Example of one of our cards.

35 H    28 H   30 H   14 L   23 H  
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Something to ponder.

Quillnpenn - a poor church mouse scratching for a living as a Professional Swing Trader for over 45 years.
------------ Vision - Multi-Millionaire…Goal - earn 1.3% - 2.5% via the 2% theory, compounded Daily

Have you considered a Credit Union instead of a bank? They are member-owned nonprofits and often have more generous lending terms than traditional banks. Here’s an article I found that might offer some help:…

Whose own strategy is to pay off his home about the same time he plans to retire, and if he ends up moving somewhere in his senior years with fewer steps, he’ll probably pay cash…

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