Annual combined income: $125,000. Home price: $225,000. Down payment we are prepared to make: $12,000.
We have $0 in credit card debt and $10,000 left in student loans.
It is a new home. We have an additional $15,000 savings on top of what we are willing to put down. That is not including the $7000 we anticipate on spending on a few pieces of furniture and refrigerator (rest of appliances are included/we already have). Closing costs are being paid for by seller as we are using their in-house finance company.
Should we take a loan against our 401k to reach the 20% down payment to avoid PMI?
Thanks for the advice.
EDIT: Additional details added.
Submitted March 08, 2015 at 09:05PM by theWet_Bandits http://ift.tt/1Fv1Eg9 personalfinance
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