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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 4:44 pm to Brettesaurus Rex
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?
1
Posted on 12/14/13 at 4:51 pm to saintforlife1
Not sure if it is still correct, but I think you can only borrow up to half of your 401k balance. Also, if you are let go/want to change employers, loan is due in full.
I financed something small this way, 2k, but I would not risk much more than that. Just me though
I financed something small this way, 2k, but I would not risk much more than that. Just me though
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