Quote:
Originally Posted by Maestro
Check with Quicken Loans they offer 8 yrs loans now so you do not need to do a full 15 or 30 yrs. My last loan my closing costs were not 3200, if you forget the title transfer costs, and those items which you have to pay whether you pay cash or have a Mortgage, It think my came in around $1200. If someone is quoting $3200 closing cost they must be including points and other things. I just refi my place and my closing costs was $250, Since I did not have to due a title search and other things. I did not go through a broker I went directly to the Banks.
I personally would not touch the 401K money unless you investment suck wind, as it was pointed out you can not write off the interest from the 401K loan.
Again the idea here is to maximize your cash flow and tax deductions when you are looking for an investment property.
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Brokers won't touch small loans only banks and they require points on that little financed. My 401k is only a little of the price. Most is cash.