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05-31-2021, 02:25 PM
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#61
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Recycles dryer sheets
Join Date: Oct 2019
Location: Glasgow
Posts: 186
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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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06-07-2021, 02:49 PM
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#62
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2013
Posts: 9,358
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Quote:
Originally Posted by ERD50
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
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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.
__________________
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
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06-07-2021, 02:56 PM
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#63
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Recycles dryer sheets
Join Date: Feb 2015
Posts: 58
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Quote:
Originally Posted by daylatedollarshort
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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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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06-07-2021, 03:33 PM
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#64
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2013
Posts: 9,358
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Quote:
Originally Posted by aza455
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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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.
__________________
Even clouds seem bright and breezy, 'Cause the livin' is free and easy, See the rat race in a new way, Like you're wakin' up to a new day (Dr. Tarr and Professor Fether lyrics, Alan Parsons Project, based on an EA Poe story)
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