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I'm planning a home purchase within the next 2 yrs. As you can expect, I'm paying of some debt. I'm also researching my retirement options. What should be my concerns of submitting a home loan while working 23 years with the same employer or retiring in 4 yrs at 55 yrs old with 25 years of service? I know home prices and interest rates will change.
Does a loan company look at a steady pension check different than a salary check? My current calculations indicate my monthly net pension would be approx $100 less than my monthly net salary.
I want to buy a home out of state. If I buy it as a secondary home, the loan company will include my current rent as a debt. If I buy it as a primary home, the loan company won't include my current rent. The problem is the primary home needs to be where I work. I do not work from a computer. If I buy a home as a retiree, the primary home can be purchased anywhere. This is what prompts my original quesiton.
Pension or social security income is considered just as good as monthly income from a job. Actually better..cause social security income can never go away while you can lose a job.
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