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Reply to "Taking out a 401k loan for larger down payment "
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[quote=Anonymous][quote=Anonymous]Do NOT take money out of your retirement because you overspent on a house. If you can refinance to a 15 year depending on your interest rate. Pay in extra and every few years do a recast. We did two recast. It saved us a lot of money. We paid $250 each time.[/quote] Yeah, recasting is what you're looking for, OP. And, like this PP, it cost me $250 - I don't think free recasts are the norm (though I don't doubt they're out there). One caveat: my lender required me to pay 10% of the balance in order to do a recast. In other words, if your mortgage balance is $500K, you need to come up with $50K plus the $250 fee. Perhaps not all lenders have that 10% requirement.[/quote]
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