On the tax front, you will also need to have your returns on hand. Fannie Mae, the government-sponsored enterprise that helps provide mortgages, mandates that self-employed borrowers show two years of tax returns; Freddie Mac, Fannie's younger brother, requires at least one year.
Many current retirees now drag mortgages with them — almost one in three had housing debt in , according to the Federal Reserve. While refinancing can lower payments, it can also extend your payment period and erode savings after retirement, so calculate terms accordingly. If you move to a or year mortgage from a year one in order to retire mortgage-free, make sure you can afford the bigger payments.
A drop in income can sideline approval. If your inflow is low but your financial fundamentals are sound, seek out a lender willing to see the bigger picture. Fannie Mae and Freddie Mac, for example, allow loan officers to "annuitize" the assets of applicants, essentially calculating a conservative estimate of what someone's retirement savings — such as an IRA, k or other savings vehicle — would generate as income if spread out over the life of the loan.
Not all underwriters know about this technique, however, because in the past, a borrower with a good credit score wouldn't have to face approval barriers. Times have changed, and annuitization could be your ticket to refinancing. Calabrese says: "If you have assets, you don't have to miss out on good rates. Free consultation and follow-up plan. Guaranteed rate of return on an exclusive 8-month term. You are leaving AARP.
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Fix Your Credit Score Nothing can put the kibosh on a great refi faster than a not-great credit score. Land Your Lender You may be chummy with the tellers, but your local bank branch isn't necessarily the best place to refinance. How to sell your home faster 7 loans you should never cosign Is a reverse mortgage right for you?
Does a new mortgage make sense? Prep Your Papers Most lenders ask for several months of complete bank statements to do what's called an account audit. Tweak Your Terms Many current retirees now drag mortgages with them — almost one in three had housing debt in , according to the Federal Reserve. Spread Your Savings A drop in income can sideline approval. Also of Interest 7 loans you should never cosign Are you an indispensable employee?
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