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Old 05-08-2016, 09:25 PM   #21
Thinks s/he gets paid by the post
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On how much credit? Half a mill? And recently?

Retired at 59 in 2014. Should have done it sooner but I worried too much.
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Old 05-09-2016, 06:22 AM   #22
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Join Date: Sep 2007
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Too bad banks are so in love with their inflexible little tick boxes. We just didn't fit into them.
Weren't you around during the finacial meltdown in 2008? There is a reason they have all those little tick boxes. Loan volume is what keeps mortgage rates low. For loan volume they need to have a simple, no thought, no work cookie cutter approval method.

Your job, if you want one of those loans, is to shuffle your finances around so that you fit in the little boxes. Which means you need to show an income stream that looks & behaves very much like a steady paycheck -- coming from a well-known institution. Which means a broker who you have instructed to send you $X a month, and you can show those deposits hitting your checking account for 2 or 3 months.

Yu can either go with the flow and get the mortgage, or you can rail at the lenders and get turned down.

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Old 05-09-2016, 07:14 AM   #23
Thinks s/he gets paid by the post
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Originally Posted by rayvt View Post
You can either go with the flow and get the mortgage, or you can rail at the lenders and get turned down.
I draw the line at making financial moves that didn't make sense to me just to improve my credit. When I was first starting out I was told I'd never get credit if I didn't take out an expensive personal loan or carry a balance on some credit card so I could get a mortgage. I don't take out unsecured personal loans and I don't pay credit card interest. Somehow I got by, including a quarter-million dollar mortgage when I was a single mother. And, at this point I don't need to worry about getting a mortgage anymore and it's fun to rail at the lenders because they've done so many stupid things in the past!

Back to the OP- I was so busy railing at the lenders I didn't answer your question. I'd be inclined to pay some principal regularly even though it's interest only. Maybe make principal payments when the market is down. Real estate doesn't always go up and I like building equity, especially in retirement.
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Old 05-09-2016, 06:59 PM   #24
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As the OP, thanks everyone agree the thread took a side turn.

My comment about volume mortgage folks being constrained to a very limited formula was incidental, took the brunt of the replies, including questioning qualifications. And those constraints may be overdone but needed some reigning in after 2008.

Real question was related to whether or not use a cheap LOC while it made sense to do so rather than using cash. Now realizing maybe not that different than a mortgage except the LOC has no points or fees and is a month to month thing, easy to shed.

I close on my new house next week LOC now funded happy with my decision, thanks for the insights.

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