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Old 02-14-2017, 02:25 AM
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,561 posts, read 39,944,045 times
Reputation: 23699


Originally Posted by volosong View Post
tomchard, JRR, ... . . . however the stupid thing I did was tell my employer that I am retiring. What this means is that the loan company will not use my current income to qualify for the new mortgage.
I had a friend make this mistake (declaring intent to retire to another state, and buy a home there), and it was a headache to clear up. Lender was NOT impressed the home was out of state... (should be pretty common)

I would look at all options BEFORE cashing in any taxable funds (especially in a yr you might be getting payments for severance or vacation / sick leave / bonuses...)

Stuff I have done...
1) HELOC on current house even if it is for sale (it will 'settle' at closing, and often HELOC is free from fees using current lender) (I keep a few hundred K available this way, as I am NOT keen on the hassle of banks and how they can slow / lose a sales contract)
2) Stock / equity Margin account (much cheaper than a bridge loan, especially if you have a block of capital in appreciated stocks you don't want to sell either.

In either of the above cases you can 'write a check, and only have to pay monthly interest
(very reasonable for a 'bridge' situation)

3) Hard money lenders - I have several friends who do this for each other to close transactions. (All legit and with contract / collateral... no FEES / waiting.)
4) Family lenders - Same as above... I have a few relatives with assets reaping <1%, so they are happy to do a bridge loan for 3-6 months for 5%
5) Owner Finance - very attractive to some sellers. I always do auto-pay and write a 190 day 'call' clause in case either party wants out.

Other options I have considered but not done YET...
a) Stock secured loan
b) leveraging something besides Real Estate or Stocks to get a personal line of credit. (first born, business assets, cash flows, ...)

Good luck, but do what you can to avoid a 'distribution' from qualified acct. Including finding a new lender.

Talk to your friendly insurance agent, mine has all kinds of solutions, as he has lots of contacts and business associates. He is a gold mine of solutions, and we talk a few times / month. (about stuff far different than insurance)
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Old 02-14-2017, 05:42 AM
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Originally Posted by SportyandMisty View Post
Is this a great country or what???
HaHa! The perfect answer !
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