haha
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
I haven't found a place I want yet, but I will, and when I do I would like to know what to expect in mortgage shopping and qualifying.
About 6 months ago I got pre-qualified smoothly enough, but I noticed that they are real sticklers, and it is not like you can sit down with the underwriter and explain where the money to pay his loan is going to come from. They want to see cash income, and they are skeptics on the 4% religion. My cash income was higher earlier, but I sold some stocks and discontinued my SS since then. So I am protecting my nut, but at today's pathetic interest rates it would take about $5mm to qualify on interest payments alone from safe securities. I do not really want to mess with my investing discipline to amp my short term income. The day after I bought some high yielding securities we would get a crash.
So my idea that I would like to float is this- can I buy a 1 or 2 year period certain annuity, or something similar to this? It seems that at worst I would give up some expenses, but gain the ordinary income to make the loan originator happy.
Any ideas, objections, or possible pitfalls? I have never seen any indication that I would have to warrant that I will get my income into the indefinite future, any more than a worker has to warrant that he will always be employed.
I guess another possibility would be to buy a very short term 1st mortgage. The point is turning return of capital into income.
Ha
About 6 months ago I got pre-qualified smoothly enough, but I noticed that they are real sticklers, and it is not like you can sit down with the underwriter and explain where the money to pay his loan is going to come from. They want to see cash income, and they are skeptics on the 4% religion. My cash income was higher earlier, but I sold some stocks and discontinued my SS since then. So I am protecting my nut, but at today's pathetic interest rates it would take about $5mm to qualify on interest payments alone from safe securities. I do not really want to mess with my investing discipline to amp my short term income. The day after I bought some high yielding securities we would get a crash.
So my idea that I would like to float is this- can I buy a 1 or 2 year period certain annuity, or something similar to this? It seems that at worst I would give up some expenses, but gain the ordinary income to make the loan originator happy.
Any ideas, objections, or possible pitfalls? I have never seen any indication that I would have to warrant that I will get my income into the indefinite future, any more than a worker has to warrant that he will always be employed.
I guess another possibility would be to buy a very short term 1st mortgage. The point is turning return of capital into income.
Ha