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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 4:15 pm to saintforlife1
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.
1
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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