# Use 403B to buy points on mortgage? **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [February 6, 2012, 11:45am UTC](https://forums.speedlife.net/t/use-403b-to-buy-points-on-mortgage/220297 "2012-02-06T11:45:03Z")\ **Posts on this page:** 8\ **Page:** 3
**Author:** ![OriginalSterm](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/originalsterm/32/4964_2.png) [@OriginalSterm](https://forums.speedlife.net/u/OriginalSterm)\ **Post date:** [February 20, 2012, 5:17am UTC](https://forums.speedlife.net/t/use-403b-to-buy-points-on-mortgage/220297/41 "2012-02-20T05:17:48Z")
> [@Jack](#): > > It took me 3 months to get qualified with near 800 credit scores and lots of cash and assets and the purchase price limit is 209k. > I was approved over the phone for 400k+ @ 4.25% in about 3 minutes. I guess I don’t understand why a bank would loan someone that much money at 0%, what do they have to gain? How do they make their money? My wife and I were also approved for a rediculous amount of money to buy our second house in no time flat, ended up using about half of what we were approved for. ---
**Author:** ![theblue](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/theblue/32/5074_2.png) [@theblue](https://forums.speedlife.net/u/theblue)\ **Post date:** [February 20, 2012, 6:47am UTC](https://forums.speedlife.net/t/use-403b-to-buy-points-on-mortgage/220297/42 "2012-02-20T06:47:29Z")
they didn’t loan it at 0%, he paid them a large fee up front to borrow the money. so they have made guaranteed profit on day one assuming he doesn’t default which is why it’s only going to happen for people with amazing credit. The gamble on his end is will he stay in the house long enough to be better off than just borrowing normally. ---
**Author:** ![OriginalSterm](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/originalsterm/32/4964_2.png) [@OriginalSterm](https://forums.speedlife.net/u/OriginalSterm)\ **Post date:** [February 20, 2012, 8:34am UTC](https://forums.speedlife.net/t/use-403b-to-buy-points-on-mortgage/220297/43 "2012-02-20T08:34:31Z")
> [@theblue](#): > > they didn’t loan it at 0%, he paid them a large fee up front to borrow the money. so they have made guaranteed profit on day one assuming he doesn’t default which is why it’s only going to happen for people with amazing credit. > > The gamble on his end is will he stay in the house long enough to be better off than just borrowing normally. Oh, gotcha. I missed the “buying” 0% part. I thought for sure we were staying in our first house for 8-10 years, we moved at the 5 year mark… ---
**Author:** ![Jack](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jack/32/7613_2.png) [@Jack](https://forums.speedlife.net/u/Jack)\ **Post date:** [February 20, 2012, 6:10pm UTC](https://forums.speedlife.net/t/use-403b-to-buy-points-on-mortgage/220297/44 "2012-02-20T18:10:42Z")
My first house was 5 years too… did your wife make you move too? ---
**Author:** ![OriginalSterm](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/originalsterm/32/4964_2.png) [@OriginalSterm](https://forums.speedlife.net/u/OriginalSterm)\ **Post date:** [February 21, 2012, 4:43am UTC](https://forums.speedlife.net/t/use-403b-to-buy-points-on-mortgage/220297/45 "2012-02-21T04:43:33Z")
> [@Jack](#): > > My first house was 5 years too… did your wife make you move too? I went from a 3 1/2 car heated garage to a 1 1/2 car non-heated garage with 20 times more land to mow and take care of for double the price. Yeah, it was her idea… ---
**Author:** ![Jack](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jack/32/7613_2.png) [@Jack](https://forums.speedlife.net/u/Jack)\ **Post date:** [February 21, 2012, 3:02pm UTC](https://forums.speedlife.net/t/use-403b-to-buy-points-on-mortgage/220297/46 "2012-02-21T15:02:41Z")
If I did it all over again I would just buy a mansion with like 4 or 5 of my friends and we would have at least 3 badass cars we could just “share” and would have endless funds for coke and hookers. ---
**Author:** ![OriginalSterm](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/originalsterm/32/4964_2.png) [@OriginalSterm](https://forums.speedlife.net/u/OriginalSterm)\ **Post date:** [February 22, 2012, 4:44am UTC](https://forums.speedlife.net/t/use-403b-to-buy-points-on-mortgage/220297/47 "2012-02-22T04:44:22Z")
> [@Jack](#): > > If I did it all over again I would just buy a mansion with like 4 or 5 of my friends and we would have at least 3 badass cars we could just “share” and would have endless funds for coke and hookers. Funny, I ran that same exact scenario past the wife. She didn’t exactly jump at the idea… ---
**Author:** ![Jack](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jack/32/7613_2.png) [@Jack](https://forums.speedlife.net/u/Jack)\ **Post date:** [February 22, 2012, 7:01pm UTC](https://forums.speedlife.net/t/use-403b-to-buy-points-on-mortgage/220297/48 "2012-02-22T19:01:41Z")
Cause they don’t know how to have a good time. Did the taxes today and ran the scenario past my tax guy, why the hell can’t anyone give me an educated and decisive yes or no one way or the other? Wtf. [Previous page](https://forums.speedlife.net/t/use-403b-to-buy-points-on-mortgage/220297.md?page=2)