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Old 05-31-2021, 02:25 PM   #61
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Join Date: Oct 2019
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Taking out my last loan just less than a year to ER. I’ll drop to PT soon and will get the loan based on current salary. I will pay it off over 5 years and use it for a big ticket purchase.
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Old 06-07-2021, 02:49 PM   #62
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Originally Posted by ERD50 View Post
Please let us know how it goes. We closed on our new-to-us home last month, I used a Line-Of-Credit against my brokerage account to pay in cash, which simplified the closing. But (being wacky I guess), I'm looking to get a 30 year mortgage and lock in these low rates. The LOC is ~ 2.9%, but variable, so who knows where that might go (up, probably!)?

I was told that no one will want to touch a mortgage application for 6 months after the sale, not sure why - maybe to let all the title stuff 'settle'?

Sure seems weird that setting up regular withdrawals will qualify, but I have learned that these are rules, logic be damned!

-ERD50

We just closed on our refinancing and it went great. No problem using the monthly transfer from an IRA to a checking account as "income" from Fidelity for qualifying. We set up the transfer using an online form at Fidelity and it only took a few minutes. And we can shut it down now that the loan closed. The loan was through NBKC Bank in the Costco mortgage program. There are a couple of other lenders in the Costco program we bailed on either for being shady or totally disorganized, but the NBKC application, approval and closing process all went smoothly.
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Old 06-07-2021, 02:56 PM   #63
Recycles dryer sheets
 
Join Date: Feb 2015
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Originally Posted by daylatedollarshort View Post
We just closed on our refinancing and it went great. No problem using the monthly transfer from an IRA to a checking account as "income" from Fidelity for qualifying. We set up the transfer using an online form at Fidelity and it only took a few minutes. And we can shut it down now that the loan closed. The loan was through NBKC Bank in the Costco mortgage program. There are a couple of other lenders in the Costco program we bailed on either for being shady or totally disorganized, but the NBKC application, approval and closing process all went smoothly.
How far in advance (months/weeks/days) before settlement did you set up and start your Fidelity “income” withdrawals? How many withdrawals did you have to make before canceling?
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Old 06-07-2021, 03:33 PM   #64
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Originally Posted by aza455 View Post
How far in advance (months/weeks/days) before settlement did you set up and start your Fidelity “income” withdrawals? How many withdrawals did you have to make before canceling?

I think we set up the transfers about a month ago and allowed a week or so lead time. We provided a copy of the form we filled out for the monthly transfer and a pdf from Fidelity showing the deposit into checking when we turned in our loan documents and we were approved without any questions about it. It only took about a month from loan application to signing the closing document. They approved the loan with just the one monthly transfer.
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