Mortgage refi - What am I missing?

[nash031]

you DW will continue to work and you have a government pension, you shouldn't have a problem.

With this particular lender, who was the cheapest on my original loan, I don't have a problem because they already know we have enough liquid assets to pay the loan off any time we want, so I'm probably being overly conservative. Still, didn't seem prudent to go offering that information as it isn't going to help anything IME. (Of course, had I said that up front, he might've clued me in on the VA thing...) In any event, I've reached back out to him and proposed holding off a few weeks for possibility of waiving VA funding fee altogether. We will see what he comes back with. Generally, he's pretty up front about things, and I flat out told him on the phone the other day that his rationale for option 2 seemed like it was the best deal for him and his company, rather than the best deal for me and our situation.

I don't really have an issue with salesmen doing what's best for them considering I can usually sniff that out. It's business... as long as he realizes that in the end we're going to do what's best for me.

 

[pb4uski]

With this particular lender, who was the cheapest on my original loan, I don't have a problem because they already know we have enough liquid assets to pay the loan off any time we want...

I don't really have an issue with salesmen doing what's best for them considering I can usually sniff that out. It's business... as long as he realizes that in the end we're going to do what's best for me.

On the first part, that won't help you one little bit... we have many people here who have plenty of assets but their formulas only look for income... just don't want you to go forward thinking that just because you have plenty of assets that you will easily get a mortgage... it doesn't work that way.

On the second part, I agree in principle but there are way too many uninformed consumers out there that can't sniff our a bad deal so I think it is prudent to have some safeguards in place so ignorant people don't get taken advantage of... besides some/many of these salespeople lie through their teeth.

 

[OldShooter]

... I flat out told him on the phone the other day that his rationale for option 2 seemed like it was the best deal for him and his company, rather than the best deal for me and our situation.

I don't really have an issue with salesmen doing what's best for them considering I can usually sniff that out. It's business... as long as he realizes that in the end we're going to do what's best for me.

Agreed, but when I have options I don't deal with someone I don't feel I can trust.

 

[nash031]

On the first part, that won't help you one little bit... we have many people here who have plenty of assets but their formulas only look for income... just don't want you to go forward thinking that just because you have plenty of assets that you will easily get a mortgage... it doesn't work that way.

Yeah, that's why I haven't previously disclosed to this guy my intent to retire, and have been busy procuring these mortgages in advance of my retirement. I'm aware of that because of this forum and reading previous posts!

 

[Montecfo]

Not sure the retirement is relevant unless the loan docs require that disclosure for some reason.

 

[nash031]

Not sure the retirement is relevant unless the loan docs require that disclosure for some reason.

It's not, and it doesn't serve my interests to advertise it to the lender, hence...