Using 401k loan o buy home

[terminator_desi]

Hi friends,

Anyone took loan from 401k to buy home.Any cons?

[Swatkat]

Ltt

[Swatkat]

Following @Shameless any idea? 

[mirchi_bajji]

21 minutes ago, terminator_desi said:

Hi friends,

Anyone took loan from 401k to buy home.Any cons?

but why? 401ks are doing much better. with low rate of interest for mortgage loan , does not make sense to take it from 401k.

[hyperbole]

22 minutes ago, terminator_desi said:

Hi friends,

Anyone took loan from 401k to buy home.Any cons?

You can borrow max 50% of your balance upto 50k, regular interest rates apply. The process if straight forward, apply it through portal and they will ask you to send the home purchase agreement to approve the loan

[Thokkalee]

You will get it in 2-3 days.. your employer has to approve.. upto 50K only.. 

They will ask for home purchase agreement.. 

[Spartan]

not worth.

[yemdoing]

1 hour ago, terminator_desi said:

Hi friends,

Anyone took loan from 401k to buy home.Any cons?

i showed my 401k assets to buy home, contracts with higher funds proof are picked first.

but once the contract is picked we can change our downpayment %

so only showed but not actually withdrawn.

[Shameless]

4 hours ago, terminator_desi said:

Hi friends,

Anyone took loan from 401k to buy home.Any cons?

 

4 hours ago, Swatkat said:

Following @Shameless any idea? 

nenu theesukoledhu baa but maa wife valla cousin theesukundhi house down payment ki...neeku emaina specific info kavali ante cheppu baa, thanani kanukkoni chebutha...

[jaathiratnalu]

I took it bro.. 401K amount 

2 working days amount will be deposited in your account. Need Purchase agreement only 

Interst will be added to your 401k account 

If you dont have money in hand, you can with 401k 

Better as some one said, Low mortgage interest and Stocks are skyrocketing from last one year.. not to use ths option.. (Ofcrs, from last one month its in downfall)