Posted on: 30th Jul, 2008 11:26 am
My wife and I plan to retire, sell our house and build a new one. We will need a mortgage to cover ~33% of the new homes value. We have no non-mortgage debt, an 800+ credit score, and substantial pre-tax retirement savings.
If we retire before getting a mortgage approval, our combined SS income will not meet the normal income standards for the mortgage we need.
Will this be a problem, and do I need to keep working until we apply and get a mortgage approval?
If we retire before getting a mortgage approval, our combined SS income will not meet the normal income standards for the mortgage we need.
Will this be a problem, and do I need to keep working until we apply and get a mortgage approval?
Hi.
Welcome to the forum.
Your credit score is excellent and you have enough savings but the question is that will you have enough source of income to pay the monthly after you retire and if you get approve for the mortgage? How much do you want to borrow?
Best of luck,
Larry
Welcome to the forum.
Your credit score is excellent and you have enough savings but the question is that will you have enough source of income to pay the monthly after you retire and if you get approve for the mortgage? How much do you want to borrow?
Best of luck,
Larry