During a recent loan pre-qualification process a mortgage applicant disclosed that he wanted to put 10% down on the purchase using money from his 401(k). We quickly pointed out that this may not be a good idea – considering the impact of taxes, withdrawal penalties and loss of future earnings. Additionally, since this borrower qualified [...]

Arizona has been ranked 46th in the Union (including the District of Columbia) when it comes to average closing costs paid by consumers during a purchase transaction. This is according to a survey conducted by Bankrate.com. I must caution you that the closing cost numbers presented are for a very modest purchase. You must read [...]