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re: Is borrowing against your 401(k) for a home down payment a good idea?
Posted on 12/14/13 at 4:23 pm to saintforlife1
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)
1
Posted on 12/14/13 at 4:44 pm to Brettesaurus Rex
Thanks for the quick reply. Are the terms of the loan flexible? As in, can I pick period of the loan repayment (2, 3, 5 years etc.) Is there a limit, either in terms of total amount or the percentage of the portfolio, that you can borrow?
My 401(K) is through Fidelity. So if I wanted to borrow against it do I have to go through Fidelity only, or can I use any bank/mortgage lender?
My 401(K) is through Fidelity. So if I wanted to borrow against it do I have to go through Fidelity only, or can I use any bank/mortgage lender?
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