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re: Borrowing money from 401k...how does this work usually?
Posted on 2/25/16 at 1:45 pm to elposter
Posted on 2/25/16 at 1:45 pm to elposter
quote:
Just the way you are describing your financial situation, difficulty to endure 5k in extra expenses over a year's time, etc., I'd be worried about jumping into home ownership right now. That shite has so many expenses you don't realize, it could put you in a bad situation. It's nothing for 10k of crap to go wrong in your house in a year. Sounds like you need more liquid savings before owning a home to be honest. Not saying a 401k loan is always a bad idea, but the hidden costs of homeownership can kill you if you have depleted your savings just to buy the thing.
I agree with this, but if he's buying new construction this is a non issue
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