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re: Is borrowing against your 401(k) for a home down payment a good idea?
Posted on 12/17/13 at 7:08 am to HurricaneDunc
Posted on 12/17/13 at 7:08 am to HurricaneDunc
ING for a large oil?
1
Posted on 12/17/13 at 8:51 am to dragginass
quote:
ING for a large oil?
Pretty sure we work at the same place.
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.
Posted on 12/17/13 at 1:21 pm to TejasHorn
We just realized the home won't be ready till April. This gives us about 3 months to come up with the difference. I think we will still be about $10-15K short if we include the closing costs.
We probably will end up borrowing this from family members. I will only consider borrowing against my 401(K) if I don't have to liquidate some if my funds in there. That was new information to me. I don't want my portfolio to stop growing. Even if I pay back including interest, I think the return will be much less than what it would normally do. I need to find out what the policy is at my employer. But it is starting to seem like borrowing from a family member and repaying them is less of a hassle.
We probably will end up borrowing this from family members. I will only consider borrowing against my 401(K) if I don't have to liquidate some if my funds in there. That was new information to me. I don't want my portfolio to stop growing. Even if I pay back including interest, I think the return will be much less than what it would normally do. I need to find out what the policy is at my employer. But it is starting to seem like borrowing from a family member and repaying them is less of a hassle.
Posted on 12/17/13 at 4:15 pm to saintforlife1
quote:
We probably will end up borrowing this from family members. I will only consider borrowing against my 401(K) if I don't have to liquidate some if my funds in there. That was new information to me. I don't want my portfolio to stop growing.
Some lenders won't let you use a loan from family as a down payment but will allow gifts to be used. You may wanna check with your lender on that.
Posted on 12/17/13 at 6:59 pm to JonTheTigerFan
quote:
Not all 401k plans are set up this way. In my plan, you just borrow the money with the funds in the plan as collateral. The money you borrow still sees the same growth as it would if you didn't borrow against it. If his 401k is setup this way, I don't see any issue with it.
This.
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