If I go to re-finance my mortgage, I of course have to re-qualify in terms of income, etc.
My current income is not a problem in this respect; but I will be retiring in a very few years. Is the financial institution allowed to take that into account, and make me prove what my retirement income will be?
I suppose this might be a matter of state law, so for the sake of argument (and because it’s true) assume I’m in California. The financial institution might be anywhere, I suppose.
Roddy
I’m considering refinancing for a second time in five years. (FWIW, I am seeking a lower interest rate. I am not underwater and I am not experiencing financial problems.)
When I refinanced the first time the advice given to me is not to volunteer any information about personal retirement ideas within 15 years of a possible retirement date. In other words, “Based on the current economy I have no immediate plans to retire,” irrespective of your age and any real retirement plans you may have. The latest information I’m hearing from coworkers attending retirement seminars is twofold:
[ul]
[li]Once a financial institution is aware of your potential retirement information, your financial options (across the board) become very limited.[/li][li]Once you actually retire, your financial options (across the board) pretty much are non-existent (unless you are very wealthy).[/li][/ul]
Thanks for the perspective, Duckster. What you said makes good sense.
Roddy