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better idea
Posted by jeff (more from jeff) on Wed, 4 Feb 2004 09:38:49
In Reply to: OT-Can I take $$ from 401K toward home purchase>>, elSVT, Wed, 4 Feb 2004 08:35:14
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Just buy the house with 0% (or near 0%) down. There are a multitude of ways to do this. The bad news is you have to pay stupid "mortgage insurance" since you don't have 20% equity. The good news is that if the value of your home goes up 20%, you can refinance and ditch the mortgage insurance.
My own experience was buying a townhouse for ~$175k with 0% down, refinancing 18 months later when the value was up to $225k, reducing my payment by about $130/month.
Of course this could be a risky technique if the bottom falls out of the real estate market. It's up to you.
jeff
posted by 192.5.27...
Posts in this Thread:
- OT-Can I take $$ from 401K toward home purchase>>, elSVT, Wed, 4 Feb 2004 08:35:14
- Re: OT-Can I take $$ from 401K toward home purchase>>, EGD
, Wed, 4 Feb 2004 22:11:40 - Don't do it!, J, Wed, 4 Feb 2004 21:03:25
- Is 20% the problem, PMI?, Randy Thatcher
, Wed, 4 Feb 2004 11:15:49 - Re: OT-Can I take $$ from 401K toward home purchase>>, gizmo
, Wed, 4 Feb 2004 10:04:53 - better idea, jeff, Wed, 4 Feb 2004 09:38:49 <-- Viewing This Message
- Re: OT-Can I take $$ from 401K toward home purchase>>, compaqted, Wed, 4 Feb 2004 09:02:54
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