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pealms · Joined: 17 Jun 2009 Posts: 1 1.34 Dollars($)

I'm on a 5/1 ARM, have 1 and a 1/2 years on the current rate.
This is my primary/only home, I'm thinking in refinancing for a better rate.
Can I use my IRA to buy points when refinancing my home?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

pealms

Welcoem to the forum

Withdrawl from IRA is possible up to $10,000/- once ina life time. But it applies to only first tiem home buyer not for refinancing

Also you need to ask your self before payign for poitns, how long you plan to stay or keep this house, before you pay too much to reduce yoru interet

In the currnet market if you have soem equity and good income probably you can get a good rate with out paying much for points

Good luck and feel free to ask

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

Good advice realgeni!

manoj_gopale · Joined: 16 Feb 2009 Posts: 488 0.00 Dollars($)

These are some of the common requirements in order to withdraw IRA money.

Person dies and the account is paid to his beneficiary
Person become Permanently disabled
One withdraws an amount less than is allowable as a medical expense deduction
One begin equal periodic payments
Person's withdrawal is in relation with a qualified domestic relations order
Person's withdrawal is used in order to pay for qualified higher education expenses
One's withdrawal is specifically used for a qualified “first-home” purchase (up to $10,000)

Keep in touch........

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Good luck pealms

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