applying for a mortgage as a pro trader

[Bolimomo]

Tell the loan officer that you can buy the house with cash if you need to... just that you would like to use the money as capital for trading, and would give him some business.

I agree with upthread... that best is to qualify for the loan in conjunction with a second income (spouse). In lieu of that, if no W-2 incoming... past few years of tax returns, good credit, and bump up on the down payment.

 

[brocklanders]

Quote from drp7804:



Plan C is to sell a few shares of my stake in BRK-A and be done with it.

Did seeing a thread today titled "Buffett Hospitalized" make you a little anxious?!

 

[Bob111]

Quote from Sully:

If you fill out an application as "unemployed" and can't prove your trading income for the past two years, please don't blame the mortgage industry for not rolling out the red carpet and giving you a blank check.

Your logic is backwards. The reason the lenders failed is that they made loans for people who were "unemployed".

Congrats for paying off your loan - you are the exception to the rule.

i did show them 3 years of income tax returns-no losses in capital gains,steady six fig income. 10-15K in interest alone..spouse full time employed,30% down payment.. wife alone on mortgage-no problem,but not with me.

please don't blame the mortgage industry for not rolling out the red carpet and giving you a blank check.

that's why i said-fuck it ,fuck this mortgage industry..and paid in full as soon as i scoop up enough cash..

 

[OTCkrak]

i wouldnt hold a home as a trade right now.. sure mortgage rates are low.. but wont matter when prices fall another 20%

 

[Jackshark]

Quote from Sully:

If you fill out an application as "unemployed" and can't prove your trading income for the past two years, please don't blame the mortgage industry for not rolling out the red carpet and giving you a blank check.

Your logic is backwards. The reason the lenders failed is that they made loans for people who were "unemployed".

Congrats for paying off your loan - you are the exception to the rule.

exactly, if the guy could pay off his loan in a year, per his post, why would he need a mtg in the first place?

 

[Jackshark]

Quote from joeactuary:

That may have been true pre 2008. In fact it was, as I easilly got my mortgage then. Today however, no bank will give you a mortgage without earned income at the lowest mortgage rates, To the OP, I highly reccomend getting the mortgage before quitting to trade full time.

Exactamundo.

mainy of the posters on this site still think its 2006--- liar loans will never return. anyone with free taxact can show anything on tax returns to get a loan-----

the future is hardcore verification direct from an employer--- or direct from the IRS--- no the garbage that use to pass and not best case scenerio for commission workers....