Retirement Mortgage Application Form: Fill & Download for Free

It’s a good thought, but… what exactly is net income? If it’s just the number on the check, then it varies quite a bit due to deductions like 401k, employee stock purchase program, or even out of pocket benefit costs. That creates an uneven playing field, and would allow people to game the system by stopping 401k or changing the number of deductions they claim, even potentially working a bunch of extra hours and using that to submit for approval.The mortgage company is going to catch that last one at some point, but all parties are going to be unhappy when that happens. To make it fair for all, we’d have mortgage application forms that look more like a tax return in order to show all the deductions… essentially determining gross income.So, gross income it is. Easily verifiable using standardized tax documents, as long as someone isn’t actively trying to commit fraud, and it puts everyone on the same basis. It’s up to the borrower to say “I’d like to avoid having a diet of cat food in retirement, so I’ll only apply for an amount that I can afford after retirement savings, etc.”

I am qualified to answer this question. I was raised in a working class neighborhood in NYC from the ‘90s to ‘10s, which is abysmal considering the cost of living. I graduated from college. Then, I took time off and later went to graduate school. I married. With my spouse, my current household income varies from half to one million.Harsh truths I learned:Distance:When it comes to old friends, there is an unspeakable distance stemming from 1) disparity in disposable income and 2) slight jealousy.For example, a former co-worker and I met for coffee after not seeing each other for four years. She brought her small child to my apartment building. She and her husband’s combined income is $150k. She is the breadwinner, while her husband makes half what she earns.On my roof with expansive views of the Manhattan, NYC skyline, we ate snacks and played with her small son.She turned around and suddenly asked, “So how did you land this place?”I replied, “This is a rental. I do not own. We wanted to live here because my graduate school is a few blocks from here and my husband wanted to live here.” (I aimed to downplay my income and wealth.)“Does your spouse make six figures?”I paused and answered, “Slightly, yes.”She smiled and moved on.Five minutes later.“How much is your rent?” I answered $3,400/month.I asked, “How much is your mortgage?” She replied, “Around $2,800 for 15 years.” She lived in a middle class, working class neighborhood in Queens, NYC.As we talked more, I wanted to share and complain that the IRS sent a letter asking my spouse to pay more taxes when spouse already paid almost a half a million in personal income tax last year. And how could I (dare) send my future unborn children to a NYC private school that cost $50k/yr starting at age 4, while also paying a $10k monthly mortgage after buying in a desirable neighborhood?!?!But I kept all those thoughts to myself to avoid being an insensitive jerk.Fears:Losing money- Because I was not born into wealth, I fear my spouse will do something dumb.Death- If my spouse drops dead, I’m doomed despite my high education pedigree. I, simply, do not have my spouse’s earning potential- period.Abandonment or divorce- compared to the average person, my spouse has more options to look for someone attractive and younger. (But that will never happen because we love each other deeply. However, it’s a fear or insecurity.)Losing friends- I think twice, thrice about what I say to avoid being insensitive. I don’t share my valid, worrisome thoughts and concerns related to money.I censor myself by not sharing grievances about money.I don’t share money concerns about taxes and my expected $10k/monthly mortgage.I also don’t share ways that I’m trying to save money for our mortgage and closing fees. For example: I stopped dining in fine NYC Japanese restaurants that costs $500 for two people, not including tip and tax; the list can go on. I still shop at the dollar store.Unrealistic Expectations:Friends expect me to pay for their meals- Although I love to treat friends and family on holidays and birthdays, I suspect people expect me to pay. If I don’t spend more money on social gatherings, I am considered a miser.Each side of our families expect me to look (extremely) fit because I married financially well. (I’m chubby now)Edit on 12/5/18: Thank you for the 83k views and 1.3k upvotes, as well as the comments. I will continue to monitor, answer or add insights to comments.To answer your question about my occupation:I am a lawyer. Female. I included the word female because I want to break gender and racial stereotypes and roles. I love what I do and I kick butt, despite spending long hours in the office. To all the women, please don't give your careers and jobs unless necessary. To men, support women and break male predecessors’ stereotypes!To add comments about paying and treating others:Although my mother lived in the U.S for the past forty years, she never forgets and steadily reinforces the Shanghainese culture.For example, I visited my family in Shanghai, China this past year. We had a large, multi-course banquet in a private room. When everyone was preoccupied, at the right moment, Mom whispered to me in Chinese Shanghainese, "Go pay the bill! How could you have the nerve to let someone pay for us?" I snuck out of the party room, and paid the bill.Afterwards, family members and friends people of all ages were upset and began to yell at me. However, this yelling comes from love and affection. Outsiders would be confused and mistakenly believe we were belligerent.Meanwhile, my American born spouse of Southeast-Asian descent was puzzled at the commotion but continued to eat. After all, my spouse doesn’t understand a word of Chinese. After I explained the dynamics, he innately understood.Fighting to pay is definitely cultural to an extent.But for me, as a late 20 something-year-old, an American of Chinese descent, it’s about managing people’s expectations of me.Additional biographical info to the comment that I was born into wealth but I didn't know it or I am oblivious to the blight of the real poor:To the user who commented I was born into wealth, the correct answer is it depends.Wealth is a relative term across countries and even among U.S cities. For example, making $110k is considered low-income in San Francisco, California. You live in a studio. The same $110k in Midwest would bring you to a spacious beautiful 2 bedroom. As a NYC resident, I respectfully disagree that you believe I was born into wealth.Here’s why:I was born in Manhattan, NYC and was raised in the NYC public school system which is not great.Growing up, I ate semi-spoiled fruits and vegetables that supermarkets wanted to discard and could not sell at the regular price. We were below federal poverty levels that made us qualified for government welfare aid.A few years later, my parents’ marriage failed and each remarried. As my mother and new stepfather’s combined income grew to about $80k (no longer on social welfare), my stepfather abused us and cheated on my mother. My stepfather never brought his paychecks home anymore, while my mother continued to pay rent, buy new clothes for him, shop for groceries, while he continued to live with my mom and I. This went on for a decade.My parents were non-English speaking, Chinese immigrants who faced hardship and adversity, not to mention discrimination.I am the first person to attend college in my family. There was no guidance from my parents whatsoever, aside from "Don't fail and pass. Go to a great college." College application questions asked me to write a personal statement, what is that? I also didn’t know what colleges and majors to select. All I knew was to pick a local school to save money. At the same time, my father suggested there is no need for an expensive college education on a girl because he believed women would become wives and mothers. My mother was furious at him.My mother is a warrior compared to my father. My father knows I married well because I am my husband’s intellectual equal, if not higher. After all, I went to the best school that accepted me for job marketability and the potential dating pool. If I didn’t meet that special young man in school, it was not a loss because I had my education! Funny enough, I did not meet my husband in college or law school.Going back, throughout high school and college, my mother and I returned to eating spoiled fruits and vegetables sold for a discount. Rarely, did mother and I ate meat or seafood which we loved. We carefully calculated and cut back on public transportation. To save on a metro fare $2.25 per ride, we walked in rain or snow. What kept us from being homeless was my mom's savings and retirement account. At age 55, she took out her $2,000 IRA retirement and paid a penalty to sustain us. This happened when I was in college while working part-time with a full course load.It is a drastic change from eating spoiled fruits and vegetables to paying nearly half a million tax dollars to the US government. I owe this change to my very responsible resilient mother who I am forever indebted to.She encouraged me to be better and not give up.Hence, I was not and didn't ever feel I was born into wealth.EDIT 3/9/18 Replies to comments.Not from Singapore. His ancestors are from a third world country in Southeast Asia.Thanks for the compliments about my mom. The #1 person I love is my mom. Even today, I help her fill-out English application forms and talk to her at least three times a day to make sure she’s okay.I think my life would turned upside down if I grew up with my dad and my evil stepmother. I would have been dumb(er) and poor(er) still living in a roach and mouse infested apartment. I, sometimes, think my mom’s upbringing in Shanghai (cosmopolitan like in NYC) helped her make decisions about me from a bird’s eye view. Unlike mom, my dad is from another region. My dad does not have a vision. His foresight is like a mouse rather than an eagle with a bird’s eye view.In hindsight, my mom’s relentless financial sacrifices saved me. In her youth, she literally worked 12–14 hours a day, walked on foot to save transportation money, and ate crappy groceries. I wish I had half of her work ethic—I might have turned out great and successful.Funny a Quora member mentioned that I lack my financial empathy. This goes back to expectations again? I’m happy to pay, but don’t expect me to pay. It’s like dating. Generally, a man pays, but a man always feel appreciated when a woman offers to pay her meal or tips. I am no different. Zero charity expectations brings good karma.

It depends on your overall financial outlook and investment goals.Financial outlookIf you already have money invested in securities, a 401k or another retirement plan, a real estate investment would be a great addition to your portfolio by providing more diversification.However, if you have no other long-term investments, using all your savings toward a rental home is not the best move. It would be better to put the cash toward varying investments that are less costly than a real estate purchase to enter.Your vision for second home purchaseIf you buy a second home, do you plan on using it as a fix-and-flip or managing a rental home? Do you have the time and resources to commit to either of those investments? A fix-and-flip project is more like managing a short-term business with a full-time workload. After finding a promising property, you must plan and oversee the renovations, make sure they stay within budget, and then find a buyer. While it produces a large lump sum of cash at once, a fix-and-flip business is not a long-term investment unless you manage a continuous string of properties.Purchasing a second home to manage as a rental property would yield dividends in the form of rent income—a steady stream of cash that demands a lot less time than a fix and flip. Of course, maintaining the home will take some effort, but after getting a feel for the rental business, things should run smoothly without taking as much time as a fix and flip project.If you decide a second home is the best way to invest your money, Lenda offers a streamlined, digital mortgage application for investment properties with competitive interest rates. Also, you can get a cash-out refinance through Lenda on your personal home to acquire additional capital for your second home purchase. Loan officers are available for contact by email, text, and phone while borrowers navigate the online process.Fortunebuilders has a useful guide to help decide if a rental property is for you.