No Cash Flow But Substantial Money
How difficult is it to get preapproved for a 1st mortgage when there is no cash flow but very substantial cash in banks. In process of relocating so no income yet. Would appreciate any info on how to go about this. Tks, Myakka
Myakka,
What is your idea of "substantial cash in banks"
....as always,
GoodInvesting, Rocky
A bit over 400k, no debt, no other assets.
myakka,
Find any Bank in Florida ...
Talk to manager to get a pledged CD for the amount you wish to borrow ....
They will loan you any amount up to the
the amount of the CD and it should be at their BEST RATES..
....as always,
GoodInvesting, Rocky
With that kind of cash you can get a loan without income. You may need to put more down than the average person. But 400K is a big compensating factor.
Thanks, Rocky, Please forgive my financial ignorance, hence the next question. Does this mean I set up a CD but pledge it as collateral for the loan? If so, what's the point?
CD's are paying lower interest then any loan will cost so aside from taxing off the mortgage interest, getting some interest for the CD, my money is still unavailable to me to use for other things. Cordially,
How much is the new house? How much do you plan to put down?
There are many loan programs out there, including you depositing X amount of money to a bank as a CD and using it as collateral.
Ho...
Myakka,
Also a river in Charlotte County, unique name, origin points native americans. Assuming your wanting to purchase a primary residence with no income but much bank, congrats, nice problem to have...
Try contacting a mortgage broker and with good credit you can get al no doc loan, higher interest but u can always re-fi sooner then later.
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