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Will 401K & other retirement funds
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chikita315
Love
Member since 8/06 7945 total posts
Name:
M-lo
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Will 401K & other retirement funds
be considered in the mortgage pre-approval process? Even if you don't plan on using them for your down payment.
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Posted 2/27/07 2:17 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
SweetTooth
I'm a tired mommy!
Member since 12/05 20105 total posts
Name:
Lauren
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Re: Will 401K & other retirement funds
yes. they want to know all your assets so you theoretically COULD use them for a down payment and also to know what kind of money and assets you have should you default on the loan.
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| Posted 2/27/07 2:19 PM |
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chikita315
Love
Member since 8/06 7945 total posts
Name:
M-lo
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Re: Will 401K & other retirement funds
Thanks!
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| Posted 2/27/07 2:21 PM |
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ckone
LIF Adult
Member since 8/06 3014 total posts
Name:
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Re: Will 401K & other retirement funds
Yes. All assets that could be used if necessary to carry six months worth of mtg. payments.
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| Posted 2/27/07 3:25 PM |
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AllyandMike
LIF Infant
Member since 4/06 64 total posts
Name:
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Re: Will 401K & other retirement funds
Not as far as i know. When we got our pre-approval all we had to give them was our social security #'s and our combined income. But when you go for your official mortgage you need to supply that paperwork.
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| Posted 2/27/07 4:26 PM |
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CityNYGirl
My everything!!!!!
Member since 5/05 2324 total posts
Name:
Betty
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Re: Will 401K & other retirement funds
Posted by AllyandMike
Not as far as i know. When we got our pre-approval all we had to give them was our social security #'s and our combined income. But when you go for your official mortgage you need to supply that paperwork.
Agreed!! They do not consider that into your application at the time of your application.
We have a retirement account & investment accounts but HSBC (the bank we used), did not care...they only cared about our income and the actual money in the bank as assets...we did supply the statements to them (both 401K and our stock accounts) but it did not make a difference...
Most banks look at assets that can be easily liquidated when considering applications...as we know there are a lot of restrictions on 401Ks and any other accounts like that...
good luck!
Message edited 2/27/2007 4:50:00 PM.
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| Posted 2/27/07 4:36 PM |
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lorich
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Member since 6/05 9987 total posts
Name:
Grammie says "Lora Gina"
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Re: Will 401K & other retirement funds
We went to several different banks - it was asked 98% of the time.
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| Posted 2/27/07 4:39 PM |
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Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
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Re: Will 401K & other retirement funds
nobody needed our retirement assets for approval.
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| Posted 2/27/07 4:41 PM |
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| Retirement funds |
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