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Is borrowing against your 401(k) for a home down payment a good idea?
Posted on 12/14/13 at 4:10 pm
Posted on 12/14/13 at 4:10 pm
Anybody do this? What are some pros and cons of doing this? I'd rather pay myself back than some bank.
5
Posted on 12/14/13 at 4:23 pm to saintforlife1
I did this and it worked out perfectly. In fact, they had a specific type of way that's made just for house down payments. Now it's just a small payment automatically taken out of every check. Mines only gonna last two years (although I plan on paying it back in full shortly)
Posted on 12/15/13 at 12:07 am to saintforlife1
If you have great job security I don't see a problem. Had a good Econ teacher one time who said he did this
This post was edited on 12/15/13 at 12:08 am
Posted on 12/15/13 at 12:43 am to saintforlife1
Terrible idea IMV...it speaks to you either buying too much house or not being in the financial situation to be buying a house.
Posted on 12/16/13 at 9:09 pm to saintforlife1
quote:
Anybody do this? What are some pros and cons of doing this? I'd rather pay myself back than some bank.
Its messed up that you have to "borrow" it - they should allow straight up withdrawals for 1st time home buyers/
Posted on 12/17/13 at 11:42 am to saintforlife1
You have to also consider what the market's expected to do (if we only knew right?). i.e. paying back the loan during a bear market is better than a bull one.
Even so, it's a great option vs. paying more to a bank IMO. As long as it's paid back in the short term (2 years or less) and you don't expect to quit or get fired anytime soon. It's definitely not something you want to make a habit of.
Even so, it's a great option vs. paying more to a bank IMO. As long as it's paid back in the short term (2 years or less) and you don't expect to quit or get fired anytime soon. It's definitely not something you want to make a habit of.
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