Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
No job income or SS, but a brokerage account balance of 1.5mil plus. Is it possible to get a 30 year fixed 300K mortgage in this scenario?
Why not just go to a mortgage lender and ask ??
I retired at 57 with no SS and no job income, owned a home outright, had money in the bank and no debt, and at 66 years old I was able to buy a second home with a $300,000 fixed 30 year mortgage with no trouble. In fact they were willing to lend me more money than I felt comfortable paying back.
Of course I paid it off in 10 years, but I didn't have to, just wanted to.
How about income from:
Social Security?
Pension?
Annuity?
Dividends?
Are you able and willing to make a significant down payment?
No steady income other than about 10k net from rental property. I've always re-invested any dividends I get and would continue to do so. No annuity and 7 years from any SS income.
I wanna re-fi my primary (7.25%) when rates drop in a year or so and I don't wanna sell any shares if I can get the dough from a bank.
Maybe they can manual underwrite me with my spotless credit and high brokerage account balance...?
I don't want to make a call because most mortgage people are non-stop runaround and I know I won't get a solid answer until I have my docs in hand and am ready to make a deal. I asked a similar question on CD a few years ago and went 'round-and-'round with a loan pro and got nowhere (but more confused).
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,551 posts, read 81,085,957 times
Reputation: 57729
My parents did it, and had no problem. They both had Social Security, he had a small pension, good credit and 20% down payment. They had no investment income or savings other than enough to move after the down payment. That was a few years ago, and things change all the time, really all you can do is give it a try.
The underwriter will look at your bank accounts to make sure you have enough in savings to make a down payment at closing and supplement your income if you ever experience financial hardship.
Why get a mortgage? Paying cash might be the better option. Without a lot more information who could say?
The old classic argument:
I don't want to sink a bunch of investment capital into dead home equity that doesn't compound. Besides, I'll be dead before I pay it off anyway, why pay cash when the mortgage will outlive me?
No job income or SS, but a brokerage account balance of 1.5mil plus. Is it possible to get a 30 year fixed 300K mortgage in this scenario?
Quote:
Originally Posted by tommy64
No steady income other than about 10k net from rental property. I've always re-invested any dividends I get and would continue to do so. No annuity and 7 years from any SS income.
I wanna re-fi my primary (7.25%) when rates drop in a year or so and I don't wanna sell any shares if I can get the dough from a bank.
Maybe they can manual underwrite me with my spotless credit and high brokerage account balance...?
I don't want to make a call because most mortgage people are non-stop runaround and I know I won't get a solid answer until I have my docs in hand and am ready to make a deal. I asked a similar question on CD a few years ago and went 'round-and-'round with a loan pro and got nowhere (but more confused).
1. Where is the money that you're living on coming from?
2. How did you get the current 7.5% mortgage. At that high interest rate, it's reasonable to assume you got it in the last couple of years.
3. Why am I thinking this is either an excuse to brag or BS?
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
