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401K Withdrawl
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<blockquote data-quote="scratch" data-source="post: 4347223" data-attributes="member: 1674"><p>I will probably go to where I bank and take out a signature loan the end of next month and start building our new house. I can take out a 36-48 month loan with small monthly payments and pay it off when I sell my current home in six months. We currently live in a two-story house built on the side of a hill on a one acre lot and my wife is legally blind. Steps are not a good thing with her condition and I'm tired of doing a lot of yard work. We had our house built a year after we got married and have outgrown it. The new house will have plenty of space. Gourmet kitchen, walk-in closets, bigger garage for a golf cart and my DIY projects. The county I live in has gone to Hell the last few years since Democrats are now running things. Taxes and crime rates are going up, its time to move to a gated safe area.</p><p></p><p>A couple of banker friends said I had the right idea. Its better to leave investments like my 401K alone for tax reasons. A home equity line will cost at least $900 extra in fees. We looked at and decided on exactly what we want to build today. I will pick out a lot and put 20K down to start construction when I go on vacation the last week of February. I'm thinking about retiring from August-October, so we will hopefully move by then. I'm thinking about trying to sell through a traditional real estate agent to maximize equity. If I don't sell a month before the new house is ready I would have the option of selling to somebody like Open Door and take a hit with that.</p></blockquote><p></p>
[QUOTE="scratch, post: 4347223, member: 1674"] I will probably go to where I bank and take out a signature loan the end of next month and start building our new house. I can take out a 36-48 month loan with small monthly payments and pay it off when I sell my current home in six months. We currently live in a two-story house built on the side of a hill on a one acre lot and my wife is legally blind. Steps are not a good thing with her condition and I'm tired of doing a lot of yard work. We had our house built a year after we got married and have outgrown it. The new house will have plenty of space. Gourmet kitchen, walk-in closets, bigger garage for a golf cart and my DIY projects. The county I live in has gone to Hell the last few years since Democrats are now running things. Taxes and crime rates are going up, its time to move to a gated safe area. A couple of banker friends said I had the right idea. Its better to leave investments like my 401K alone for tax reasons. A home equity line will cost at least $900 extra in fees. We looked at and decided on exactly what we want to build today. I will pick out a lot and put 20K down to start construction when I go on vacation the last week of February. I'm thinking about retiring from August-October, so we will hopefully move by then. I'm thinking about trying to sell through a traditional real estate agent to maximize equity. If I don't sell a month before the new house is ready I would have the option of selling to somebody like Open Door and take a hit with that. [/QUOTE]
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