Big Life Purchases: Is Using a 401(k) Loan a thing that is good

If you are thinking of borrowing from your own 401k to finance a big purchase like a home, think about the 401k loan guidelines, benefits, and cons very carefully.

Key Takeaways

  • Weigh all of your options, including using a financial loan or IRA withdrawal
  • Inquire in regards to the loan provisions for the employer’s 401(k) plan
  • Keep adding to your 401(k) plan while you checkcity repay the mortgage
  • Understand the regards to your loan repayment that is including and potential penalties

Thinking about making a purchase that is big like buying your very first home, but uncertain how exactly to fund a down payment?Read More