Refinancing during Financial Hardship

If you are in the middle of a financial hardship, a remortgage could potentially hold the key to helping you get past these problems. Here are a few things to consider about refinancing during a financial hardship.

Utilizing Equity

The equity in your home is one of the most important things that you have in your financial life. Many people mistakenly use this equity for frivolous purchases while they are doing fine financially. Then, when a financial hardship comes along, they have already used up the equity in their homes. If you still have your equity available, this would be a prime opportunity for you to use it. You could potentially borrow the money from the equity and use it to live on while you are in the middle of a financial hardship.

Qualifying

If your financial hardship is serious, it may be difficult for you to find a lender that will be willing to work with you. Typically, you are going to have to be able to document a certain amount of income in order to qualify. However, you can find some lenders that will be willing to work with you if they believe that your financial hardship is only temporary.

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