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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?
MLOs would kill to talk to you. Right now, they would kill to talk to anyone. There will be plenty of MLOs finding other jobs soon.
Alternatively, you might speak with a community bank who would keep your loan in-house. The rate wouldn't be fantastic, but you might get engagement.
MLOs would kill to talk to you. Right now, they would kill to talk to anyone. There will be plenty of MLOs finding other jobs soon.
Alternatively, you might speak with a community bank who would keep your loan in-house. The rate wouldn't be fantastic, but you might get engagement.
Or he could just go online to Rocket Mortgage and see what they say. We refinanced through them after retirement, with no earned income and excellent credit, and it was very easy.
Like Mike Jaquish said, mortgage originators are very desperate for customers these days.
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?
1. Money I live on from part-time work and rental income and small draw-downs from my Vanguard accts.
2. I bought a house last Oct. and had been employed for 18 mos. prior, mainly to qualify for a mortgage after I relocated from another state. Time for a break now so no job. I doubt I'll be working when rates drop to 6% or less which explains this thread.
Using the 4% rule, $1.5M will yield about $60K annual income. With the OP's $10K rental income, that's $70K. A $300K 30 year fixed mortgage at 6.8% will require a P&I payment of around $1,930. Lenders like to see a front ratio of 28%. Your gross monthly income is $5,833. 1930/5833 = 33.1%. As such, it may be difficult, but certainly not impossible, to get a loan. Of course, your back ratio will be factored in as well.
An Asset Depletion/Dissipation loan is what you’re after, will likely need to amortize it over 20yr vs. 30yrs.
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