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Reply to "Stupid me emptied my 401k to buy a house at 42"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]You should have put down only 20% to avoid paying taxes on the retirement liquidation. You could always liquidate more later if necessary. Plus a larger mortgage gives you a larger tax deduction. The after-tax mortgage rate is around 4%. Surely you can beat that with your retirement investments.[/quote] OP here. I am on a single income. So I wanted a mortgage payment including property taxes cheaper than what I was paying for rent. If I had put 20% down, I don't think I will be able to keep my house if I were to be laid off and unable to find a job within a year. My mortgage payment and taxes would have been very high with only 20% down.[/quote] You know that saying about how the Good Lord looks after small children and fools? You'd better hope that's true. [/quote] He sacrificed some growth in the market haha for sure. But he can always sells his house right?[/quote]
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