St. Louis Real Estate - Read this before you pull the rip cord !

A Quick Thought on Early Retirement by Chris Scheer, Cornerstone Mortgage

For all my Anheuser-Busch friends, clients and those Financial Planners helping them make the decision on whether or not to take the early retirement offer that has been sent to them.  If they are considering restructuring their debt or refinancing, they need to do that prior to accepting the early retirement.  Once they have accepted the package, their probability of continued employment has ended, even if they are going to be employed at the time the loan closes.  Any severance package that includes income, if the income is not going to continue for 3 or more years will not be used for qualification purposes when attempting to get approved for a loan.  In the current underwriting climate, underwriters are getting better at doing their job and with all of the news coverage of the proposed merger, I would hate for someone to have a loan denied because they did not plan ahead.

For questions or comments, please contact Chris Scheer at cscheer@cornerstonestl.com or 314.223.9824.

Tags: St.+Louis+Real+Estate, Early+Retirement, severance+package, mortgage+news

This entry was posted on Wednesday, September 3rd, 2008 at 2:21 pm and is filed under Mortgage News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.