I am looking to refinance from a 15 year note to a 30 year. I know this is not the best time to do this, but I recently became self-employed and I just want to have a little more of a cushion. I still plan to pay extra on the mortgage when I can, but I want to have extra to keep in the business to grow and expand.

Is this a possibility or am I out of luck due to self-employment?

Have You run it through a mortgage calculator to see what the difference will be? I imagine your 15 year is probably sub 3%. A 30 year is close to 5%.

How recent is your self employment? any other house hold income?

I realize the rate is going to be higher. That's why I said I know this isn't the best time to do this.

I became self-employed in February. No other income besides my wife's very small home business. If it helps, the LTV would be 50%.

Ask if your current lender will do a loan modification (change rate and term) instead of a refi?

focus on other ways to cut expenses, you would be wasting your time now

Diggity said:

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Sorry about your situation OP.

As Bott said, going to be tough if you don't have a history of self-employment.

This is honestly a solid argument for why a 15 year isn't always a great idea. You can always accelerate a 30 year loan but can't do the opposite.

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I give this advice all the time. You can always pay a 30 on a 15 or 20 year schedule, but if times get tight you will have some extra cash flow for other things.