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Old 07-19-2006, 09:56 AM
 
7 posts, read 15,791 times
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I am a loan officer for a mortgage company which my father owns....Redrover is correct, you don't "need" all three, but the less you have, the higher the rate, because the less you have, the riskier the loan. Retirees are considered the same as someone with a job, because social security/pension income counts in the same way as a regular salary. I hope this helps!
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Old 07-19-2006, 10:29 AM
 
1,126 posts, read 3,565,990 times
Reputation: 413
Quote:
Originally Posted by GEEFLOWR
I am a loan officer for a mortgage company which my father owns....Redrover is correct, you don't "need" all three, but the less you have, the higher the rate, because the less you have, the riskier the loan. Retirees are considered the same as someone with a job, because social security/pension income counts in the same way as a regular salary. I hope this helps!
So, with no docs. Two out of the three means you go with a no doc loan correct? If so, what the % on those now?
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Old 07-19-2006, 11:10 AM
 
889 posts, read 2,845,718 times
Reputation: 343
Quote:
Originally Posted by connie
We are from California - moving first and then finding a job. Selling our house here will enable us to either buy outright or have a small mortgage (though the house will be nothing fancy). My husband has some leads, but it's so difficult because employers would rather hire a local.

One problem - friends/family are shocked that anyone would move a family of 6 across the country without a job first. Also, I'm giving up my job as an attorney to stay home with the kids, which is another shocker for people. We've found that unless we walk around with our bank statements to show people we are financially capable of our plan, we have to listen to the constant questioning and open skepticism. Our solution - we've "dressed up the truth" (aka lied). We now say that Brent has a job pretty well lined up and that they are willing to wait for us to sell.

Overall, I'd say that coordinating this entire plan has been the most stressful part - good luck to you with however you move to NC. It will work out!!

Connie
I can totally identify!!!! We knew once we sold we would have enough money to get us by for a while without jobs.Yes, everyone thought we were nut's and i got darn tired of explaining ourselves and feeling like you are telling everyone your whole finacial situation.
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Old 07-19-2006, 11:14 AM
 
889 posts, read 2,845,718 times
Reputation: 343
Quote:
Originally Posted by TBLTZ
So you got settled then decided to look for work?

Did you purchase a house?

Your not having a problem finding jobs are you?

Good Luck!!
Yes, we got settled and are now looking for work. We bought a home that we are living in right now and our brand new home is being built.
To say we are having problems finding a job, well not yet. Just started the proccess last week. My husband is in the Const. industry and there is a lot of building going on so it should be pretty easy providing he finds what he likes as far as a superindent job.
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Old 07-19-2006, 11:27 AM
 
7 posts, read 15,791 times
Reputation: 10
Well there are no doc with verified assets, that might help....also, if you already have the promise of a job, I know a lot of mortgage companies will accept a letter of promise with salary info. As far as the rates, it depends a lot on credit score, as without salary info assets and credit are all they have to rely on.
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Old 07-19-2006, 11:49 AM
 
Location: NW Phoenix
477 posts, read 1,437,931 times
Reputation: 148
Quote:
Originally Posted by connie
We are from California - moving first and then finding a job. Selling our house here will enable us to either buy outright or have a small mortgage (though the house will be nothing fancy). My husband has some leads, but it's so difficult because employers would rather hire a local.

One problem - friends/family are shocked that anyone would move a family of 6 across the country without a job first. Also, I'm giving up my job as an attorney to stay home with the kids, which is another shocker for people. We've found that unless we walk around with our bank statements to show people we are financially capable of our plan, we have to listen to the constant questioning and open skepticism. Our solution - we've "dressed up the truth" (aka lied). We now say that Brent has a job pretty well lined up and that they are willing to wait for us to sell.

Overall, I'd say that coordinating this entire plan has been the most stressful part - good luck to you with however you move to NC. It will work out!!

Connie

Connie, where in Cali are you moving from???
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Old 07-19-2006, 11:51 AM
 
Location: NW Phoenix
477 posts, read 1,437,931 times
Reputation: 148
Quote:
Originally Posted by GEEFLOWR
I am a loan officer for a mortgage company which my father owns....Redrover is correct, you don't "need" all three, but the less you have, the higher the rate, because the less you have, the riskier the loan. Retirees are considered the same as someone with a job, because social security/pension income counts in the same way as a regular salary. I hope this helps!

Do you live in NC? If so what does the future hold for the mortgage industry. Especially loan officers? Have you heard any predictions? How is business now?
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Old 07-19-2006, 01:18 PM
 
164 posts, read 318,360 times
Reputation: 79
Quote:
Originally Posted by Mvn2nc
I can totally identify!!!! We knew once we sold we would have enough money to get us by for a while without jobs.Yes, everyone thought we were nut's and i got darn tired of explaining ourselves and feeling like you are telling everyone your whole finacial situation.

Thank you for your post- it's so helpful to hear from people who have done what we are doing! It's funny -no matter how stressed I get, I still feel confident that we are doing the right thing. But as the school year gets closer, the pressure is on to sell the house and get settled in NC. There's just nothing I can do until the house sells, and if the kids have to transfer during the year, then I guess that's the way it goes. But it's just one more thing that's pointed out to me .....
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Old 07-19-2006, 01:56 PM
 
164 posts, read 318,360 times
Reputation: 79
Quote:
Originally Posted by sassieb75
Connie, where in Cali are you moving from???
We are moving from Fresno. It's a very nice town with some excellent schools, but the costs overall are crazy. A decent house is so expensive, which we could almost tolerate if we were somewhere a little more vibrant and a little prettier. That's what we loved about Charlotte - beautiful city, charming people, lovely homes and seems like a thriving place to be. Plus we both despise our jobs, and moving gives us a great opportunity at new adventures!!
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Old 07-19-2006, 04:28 PM
 
889 posts, read 2,845,718 times
Reputation: 343
Quote:
Originally Posted by connie
Thank you for your post- it's so helpful to hear from people who have done what we are doing! It's funny -no matter how stressed I get, I still feel confident that we are doing the right thing. But as the school year gets closer, the pressure is on to sell the house and get settled in NC. There's just nothing I can do until the house sells, and if the kids have to transfer during the year, then I guess that's the way it goes. But it's just one more thing that's pointed out to me .....
We just left the Monterey, Pen. but took us over 6 months to sell. Hang in there, it's all worth it in the end
People can point things out to you all day long, but just ignore it and in the end you are better off, especially if you are in Fresno!!!
Now, all anybody asks us everytime they call is,"you found work yet"?. I am so sick of it 3,000 miles away-L.O.L!!!!
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