Closing and mortgage verification timing + mortgage w/o income
Hey Folks,
I'm looking to purchase my first investment property and I'm on a bit of a tight schedule because I'm looking to leave my current gig towards the end of July. I have plenty of wealth in investment accounts to cover the purchase, but I'm trying to maximize my passive income, so I'd like to leverage a mortgage using my current income to pay for as much of the property as a I can. I expect my rental income to cover mortgage payments of course, but I can also cover things as needed by pulling out or borrowing against my stock investments - so losing my active income source isn't a huge concern for me. The problem is, that this seems like the sort of thing that would be a huge concern for most lenders causing them to either give me worse rates or no mortgage at all...
So, I have 2 general questions:
1) Is it possible / practical to get a mortgage without an active income source? If so, how much would this effect my mortgage rate? Is there something other than a conventional mortgage I should be looking for in this case?
2) If I'm able to find a strong candidate property that I want to purchase, do I need to 'close' the property before my loan is completed? I'm concerned that if the closing happens after I leave my job, the mortgage legally would need to be re-evaluated and could be set at a much higher rate or not be approved at all. Of course, I don't want to break the law at all and my understanding is that if I left my job and didn't disclose it before the 'loan is complete', I'm at risk of committing loan fraud. Is there some standard way to expedite things so I can ensure the loan is in a state where I can leave my job without losing the loan?