401K Withdrawl
- Thread starter scratch
- Start date
badpal
Well-Known Member
Would you have to pay a yearly fee too live there?
Most of those places have an HOA fee that covers grounds maintenance etc.
HOA fees are $218 a month and include garbage pickup and landscaping fees.
I called Prudential last night and talked to a couple of people. Since I'm 61 I can make withdrawls from my 401K but will have to pay 20% Federal taxes and 5.75% Georgia taxes up front. They do make Closing Cost Loans. I can apply for a Hardship Loan and pay 5.7% interest back over five years, those take a week to approve. I just want a short term loan I can pay back when I sell my current house. I'm going to talk to a couple of banker friends next week and see what they can do. I really don't want to take money out of investments, I'm just trying to figure out the smartest way to do this.
Take out a home equity loan on your current home?
I could do that but my house would have to be appraised and there are closing costs added in too. The Developer/mortgage company doesn't offer construction loans. The companies like Open Door that buy houses do work with my builder to buy my current house and close at the same time the new one would be ready. But they want to offer about $25K under my current estimated appraised amount for that convenience.
No closing costs on a home equity loan
Seriously give your bank a call,they probably have a loan that would work for you.
burrheadd
KING Of GIFS
oldngray
nowhere special
Might get stuck with a higher interest loan for the short time period
That's why I said take out a home equity loan
oldngray
nowhere special
Might not be that easy if you are about to sell
Like I said, I have a couple of banker friends and I will see if I can get a short term signature loan with my excellent credit or something like that. Both were bank presidents and have approval powers. I have taken out a couple of home equity loans on my current house in the past and I did have to meet with an attorney and had closing costs.
It's not hard to get a home equity loan
oldngray
nowhere special
Home equity loan is a second mortgage. Just by another name.
oldngray
nowhere special
Fairly simple if you have refinanced recently. More complicated if it has been longer.
burrheadd
KING Of GIFS
If trying to sell it’s gonna need a clear title
What am I missing here?
You sell your house and the mortgage and home equity loan gets paid off first then you get the proceeds.
Plenty of people sell their house and still have a mortgage on it.
Sweeper
Where’s the broom?
Especially since it’s just short term
