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re: Borrow from 401K vs conventional loan???
Posted on 11/11/13 at 6:26 pm to HSV Tigah
Posted on 11/11/13 at 6:26 pm to HSV Tigah
Unless I am mistaken, you can not contribute to the 401k until the loan is paid back.
A couple of things to think of you will have to liquidate some security to get the cash to loan to yourself. That security may go up the time the loan is outstanding.
The money you would be contributing while the loan is outstanding is also an opportunity cost of the loan.
A couple of things to think of you will have to liquidate some security to get the cash to loan to yourself. That security may go up the time the loan is outstanding.
The money you would be contributing while the loan is outstanding is also an opportunity cost of the loan.
2
Posted on 11/11/13 at 6:38 pm to StrangeBrew
Thanks for the feedback. I was uncomfortable with this approach and this validated my concerns. Small relative loan amount, will just go conventional secured.
Posted on 11/12/13 at 7:13 am to StrangeBrew
quote:
Unless I am mistaken, you can not contribute to the 401k until the loan is paid back.
With merril Lynch I know you can contribute to your 401k while still paying the loan back. The money for the loan is pre-tax. I know because I did this a few months ago. The only thing you lose is the interest gained on what money you take out.
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