Any ER folks refinanced lately without a job?

[robnplunder]

Hey OP, what is the current rate? The rate on an ARM might be going down these days when it adjusts.

2.85 and going up in Dec.

 

[Winemaker]

I'm wondering as well, since I'm considering mortgaging a paid off rental instead of primary home.

I know I can deduct the rental mortgage, but our primary house mortgage would not be worth deducting due to standard deduction.

But maybe I'm missing an important point ?

My accountant years ago said we could pay off a rental, with a mortgage on the house. You can separate the interest from the house and rentals on your tax return. You CANNOT deduct the same interest on your house than deduct it on SCHL E again. Under new tax law, you have no deduction for personal mortgage interest, but you can take the $24k deduction. I have 3 rentals, 2 paid off, and 1 year left from original mortgage on house. The new mortgage is a 15 year, and is mostly from the last rental I bought in 2012, with a a 30 year mortgage. Last year's move saved me $900/month not counting any tax savings. Life is good.

 

[txtig]

I’ve been retired for four years now and I don’t have a mortgage to refinance. But, one of my sons is in the process of buying a home and due to his credit rating and the fact that he’s self-employed, he needs a co-signer, despite putting up a 20% down payment. I agreed to be a co-borrower on his loan and the finance company didn’t bat an eye approving us based on my income alone. I did provide documentation on my assets, but I have no steady income other than my social security.

 

[Sunset]

I’ve been retired for four years now and I don’t have a mortgage to refinance. But, one of my sons is in the process of buying a home and due to his credit rating and the fact that he’s self-employed, he needs a co-signer, despite putting up a 20% down payment. I agreed to be a co-borrower on his loan and the finance company didn’t bat an eye approving us based on my income alone. I did provide documentation on my assets, but I have no steady income other than my social security.

You could end up being the proud owner, actually proud payer of a house.

 

[teejayevans]

When I bought my truck a few years ago, the salesman said that I’d get $1000 off if I financed through Ford credit.

Ford credit assesses credit worthiness solely on income. I don’t have a pension and hadn’t started ss. The only way that I could get the loan was if my wife (pension) co-signed for the loan.

Honda gave me a loan, no problem. No SS, no pension.

 

[Big_Hitter]

I'm in underwriting right now. I haven't heard anything negative but we each have monthly pensions that currently cover the mortgage so that may be why.

no j$b either

 

[brokrken]

Although it won't help the OP, this brings up an aspect of retirement planning for younger people. You may want to assume that once you retire you'll never be able to borrow money again and set up your financial life accordingly. That's what we have done.

This is a great point. We are about 5 years out and are already looking at property or houses in our preferred retirement area. I can qualify for 2 mortgages now. But with no job, likely won't qualify for even one. And, while, I plan to take the equity in my current home and pay cash for the retirement home, I don't want to leave that to chance, end up short and have to w*rk for longer.