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Refinance decision
Old 12-02-2010, 12:10 PM   #1
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Refinance decision

Refinance snag, the credit union won't refi because I rent out 20 acres for farming. They won't go for 30 yrs but will for 15. They say Freddie Mac won't take the loan but they will for the shorter time. If I was 30 instead of 60 years old it wouldn,t be a question of what to do. The interest for 15 would be 4.25%, I pay 5.625% now. Would it make any sense to take out of 401k to borrow less to the point that my payments could be made to be the same as now?

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Old 12-02-2010, 02:58 PM   #2
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No, no, no & no. Don't raid your 401K. You'll need that money soon enough. When you pull it out, you'll pay tax on it as if it were income. Keep looking for an acceptable refi. I was substantially older than 60 when I refied. There are lender out there who will not discriminate based on your age. Find them.

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Old 12-02-2010, 04:41 PM   #3
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Wasn't discriminated by age. At least what they said was because we use part of the land for farming Fref Mac would not accept. The credit union would take it for a 15 year though. We wanted 30 year.
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Old 12-02-2010, 06:36 PM   #4
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I know nothing about this Federal mortgage program other than it exists:

Farmer Mac - Borrowers - Finding the Right Loan

Might be worth a phone call.
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