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Can I use my IRA to buy points when refinancing my home?

Posted on: 17th Jun, 2009 12:50 pm
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?
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
Posted on: 17th Jun, 2009 08:48 pm
Good advice realgeni!
Posted on: 18th Jun, 2009 08:03 am
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........

:arrow: :arrow: :arrow:
Posted on: 19th Jun, 2009 10:19 pm
Good luck pealms
Posted on: 20th Jun, 2009 09:43 am
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