cardude
Full time employment: Posting here.
- Joined
- Feb 21, 2006
- Messages
- 599
I own a fairly expensive home with a 5% mortgage, but the rate is only fixed for 7 years. The reason I did not fix the loan for 30 years was because at the time (early 2009) I could not find anyone who would do it for me since I had no W2 income. In fact, I could barely find anyone to do the loan at all due to the financial panic. I had a relationship with my current lender when I DID have W2 income, so they did the loan but would only do an ARM.
Anyway, I would like to turn this mortgage into a LT fixed rate loan so I don't have to worry about refinancing it in the future when rates could be higher, or have to pay it off with cash reserves (which I have but don't really want to put into the house). I realize I could just pay the loan off and not worry about it, but that's not what I want to do right now for various reasons.
Are there ER-friendly lenders who understand how to make a loan to ER-type folks who have a high net worth but no W2 income to speak of? DW does work and has W2 income, but she is a public school librarian and does not make enough money to qualify for our existing loan I'm pretty sure. Our credit scores are very good and we have extensive credit history, including paid off homes and businesses.
Thanks!
Anyway, I would like to turn this mortgage into a LT fixed rate loan so I don't have to worry about refinancing it in the future when rates could be higher, or have to pay it off with cash reserves (which I have but don't really want to put into the house). I realize I could just pay the loan off and not worry about it, but that's not what I want to do right now for various reasons.
Are there ER-friendly lenders who understand how to make a loan to ER-type folks who have a high net worth but no W2 income to speak of? DW does work and has W2 income, but she is a public school librarian and does not make enough money to qualify for our existing loan I'm pretty sure. Our credit scores are very good and we have extensive credit history, including paid off homes and businesses.
Thanks!