So I thought I'd bought a house (79)
Best of luck sweetowen. Talk to as many people as you can to get good advice and seek other avenues if necessary. Never give up on getting a house, but make sure to read the fine print
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StressFree: Best of luck sweetowen. Talk to as many people as you can to get good advice and seek other avenues if necessary. Never give up on getting a house, but make sure to read the fine print
Thanks StressFree. I'm not giving up just yet. I have another retirement account, but most of that money's caught up in stocks. I could put 3% down, but my payments would be very much higher. I'll wait til tomorrow. Maybe she'll call me back with good news.
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sweetowen: Thanks StressFree. I'm not giving up just yet. I have another retirement account, but most of that money's caught up in stocks. I could put 3% down, but my payments would be very much higher. I'll wait til tomorrow. Maybe she'll call me back with good news.
Does your retirement package say you can pull the $ out for certain purchases or emergencies? Just curious.
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Well, I'm not entirely sure what's going on here, Sweet. On what basis was your loan "pre-approved"? Was that based purely on your credit score (the usual, in my experience, along with a lot of guesstimating).
You should be able to get a decent loan purely on a credit score and a decent income...not sure you'd need to reference your retirement fund...
Jeff
You should be able to get a decent loan purely on a credit score and a decent income...not sure you'd need to reference your retirement fund...
Jeff
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Lots of luck to you 
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Does your area have a First Time Buyers Assistance Program for the downpayment? The mortgage broker may also be able to figure in a loan for a 2nd, but that's usually at a higher rate than the first.
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All the best to you! Good luck!
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Where there's a will there is a way ... don't give up!
I was turned down by 3 banks (including the bank that held my previous mortgage) and several mortgage companies when I bought my house. I finally called the local credit union and asked which bank they worked with for home loans. I explained my situation of not have much money for a down payment but I had excellent credit and the same job for 20 yrs. I needed a construction loan as I bought a piece of land and then put the house on it.
I did not have to borrow against my retirement but they did suggest I list it on the application as an asset. I borrowed $3000 from a friend for the down payment and then listed the loan amount for $3000 more than I needed for the loan. When I got the loan money, I paid my friend back.
Good Luck
I was turned down by 3 banks (including the bank that held my previous mortgage) and several mortgage companies when I bought my house. I finally called the local credit union and asked which bank they worked with for home loans. I explained my situation of not have much money for a down payment but I had excellent credit and the same job for 20 yrs. I needed a construction loan as I bought a piece of land and then put the house on it.
I did not have to borrow against my retirement but they did suggest I list it on the application as an asset. I borrowed $3000 from a friend for the down payment and then listed the loan amount for $3000 more than I needed for the loan. When I got the loan money, I paid my friend back.
Good Luck
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well that is different, in Canada we can withdraw retirement cash with no fees involved and use it toward a real estate purchase, then have fifteen year to tally that accountup....
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sweetowen: I'd found a house on the internet I was very interested in. I contacted a real estate broker friend of mine, who put me in touch with a mortgage broker. I got preapproved & went to the open house on Saturday. The real estate agent & I wheeled & dealed & my offer was accepted.
I called my retirement company today, whom I thought I could borrow against. The woman I spoke with said she'd email me a letter to give to the mortgage broker. So, great! Everything's going verrrry smoothly, right?? WRONG!
I get the letter & it says that I can't use my retirement as collateral against a loan & can only withdraw the monies when I retire!! Why the HECK didn't that BIMBO tell me that when I spoke with her over the freakin' phone???
I put a call back in to her & she hasn't returned it yet. Please everybody, wish me luck. I really want this house & need to move!
I called my retirement company today, whom I thought I could borrow against. The woman I spoke with said she'd email me a letter to give to the mortgage broker. So, great! Everything's going verrrry smoothly, right?? WRONG!
I get the letter & it says that I can't use my retirement as collateral against a loan & can only withdraw the monies when I retire!! Why the HECK didn't that BIMBO tell me that when I spoke with her over the freakin' phone???
I put a call back in to her & she hasn't returned it yet. Please everybody, wish me luck. I really want this house & need to move!
Good luck to you Sweet, I borrowed against my pension some years ago for a car and it really is a nice deal because you pay yourself back and the interest is your to keep also. However, a house is a longer term and if you lose or change jobs, that money is due immediately. If you can avoid a broker, try to do so as the charged doc fees that other lenders do not. The interest rates are at their best now, try a credit union. Good luck to you.
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God bless my realtor & mortgage broker! They're racking their brains, trying to figure out a way for me to do this. And they have a couple of solutions... if I can just get a little gift money.
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They're not stopping! I'm THIS CLOSE to owning it!
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With the housing market in turmoil.. I would put heavier demands on the seller. Being overeager will diminish the sellers motivation to make the deal work out. Cut them an offer that is exactly less the amount that you are short. It just may work in the climate that we have now.
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highplains: With the housing market in turmoil.. I would put heavier demands on the seller. Being overeager will diminish the sellers motivation to make the deal work out. Cut them an offer that is exactly less the amount that you are short. It just may work in the climate that we have now.
good advice!!
Althopugh, I am surprised that in the states you can use a pension fund as collateral for a bank loan!
Good luck on the house!
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highplains: With the housing market in turmoil.. I would put heavier demands on the seller. Being overeager will diminish the sellers motivation to make the deal work out. Cut them an offer that is exactly less the amount that you are short. It just may work in the climate that we have now.
Actually, while I was writing up my contract with my realtor, another bid came in. So, it didn't give me very much room to negotiate with the seller.
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Well, I'm buying the house! I've got a LOAD of forms to sign, sitting on my desk right now. YUCK!!
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sweetowen: Well, I'm buying the house! I've got a LOAD of forms to sign, sitting on my desk right now. YUCK!!
Congratulations,
The writers cramp is just anothre price we pay for home ownership. Enjoy your new house.
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In answer to a couple of the questions...
I'm not sure why I couldn't use my retirement. I can't use it as collateral & can only withdraw from it upon retirement.
My mortgage broker was trying not to have me use FHA, if we could borrow against the retirement. But since we can't, we're doing FHA now.
I'm not sure why I couldn't use my retirement. I can't use it as collateral & can only withdraw from it upon retirement.
My mortgage broker was trying not to have me use FHA, if we could borrow against the retirement. But since we can't, we're doing FHA now.
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This housing mess is ticking off anyone trying to even sell their homes. I firmly resent the idiots who didn't read the fine print, or know how to live within their means, causing me to be forced to lose over 25% of what my property was worth. Not feeling any sympathy for anyone who had any hand in any of this.
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I called my retirement company today, whom I thought I could borrow against. The woman I spoke with said she'd email me a letter to give to the mortgage broker. So, great! Everything's going verrrry smoothly, right?? WRONG!
I get the letter & it says that I can't use my retirement as collateral against a loan & can only withdraw the monies when I retire!! Why the HECK didn't that BIMBO tell me that when I spoke with her over the freakin' phone???
I put a call back in to her & she hasn't returned it yet. Please everybody, wish me luck. I really want this house & need to move!