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Refinancing - Wondering


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2 replies to this topic

#1 of 3 Samuel Des

Samuel Des

    Supporting Actor

  • 801 posts
  • Join Date: Feb 07 2001

Posted March 29 2003 - 07:43 AM

I'm about to refinance, already locked-in. The appraisal and title work are done. But I haven't made my Roth contribution yet. I want to contribute the max $3,000. Anyone have any idea how this might impact my loan? I've got about 60 percent equity, no other debt, and -- if I make my full contribution -- a very healthy cash account. Retirement fund are down, though....
I am made out of water. You wouldn't know it, because I have it bound in. My friends are made out of water, too. All of them. The problem for us is that not only do we have to walk around without being absorbed by the ground but we also have to earn our livings.

#2 of 3 SteveA

SteveA

    Supporting Actor

  • 701 posts
  • Join Date: May 25 2000

Posted March 29 2003 - 07:56 AM

If you've already been approved for the loan, I don't see how contributing to a Roth IRA would have any impact whatsoever.

#3 of 3 Scott Merryfield

Scott Merryfield

    Executive Producer

  • 10,398 posts
  • Join Date: Dec 16 1998
  • LocationMichigan

Posted March 30 2003 - 05:36 AM

Contributing to your Roth IRA should have no effect on your refinancing loan, regardless of whether you are already approved. Even though the funds may be in an IRA, they can still be considered assets towards approval if necessary.