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401K for Down Payment | Surprising Pros and Cons of Tapping into 401K

Jeff the Mortgage Pro 14 views

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@babythedude
 the max you can take out loan from 401k is 50k, meanwhile average house in LA is 700k
Comment from : @babythedude


@smashdaworld5916
 I am thinking hard about doing thisbr50k loan towards principal brThis saves 205k in interest brBut this is not the actual gainsbrThe loan becomes 97 months shorterbrNot needing to pay this to the bankbr259k in my pocket brPlus the 10k in interest paid to loan brPlus investing the PI each month not going to the bankbrbrI'm not sure i could turn the 50k into 269k But I can guarantee it this way
Comment from : @smashdaworld5916


@graysonsmith7031
 What are the differences between saving cash for home purchase/downpayment vs using a 401k loan when you're ready to buy a home? Is it a wash?
Comment from : @graysonsmith7031


@MablePauls
 I'm new to stock and crypto I feel like I’ve missed out on good buying opportunities by investing at the wrong times With a $450K yearly income, I'm considering putting my savings into the market Do you think I should learn to invest myself or rely on a financial advisor? I'm getting frustrated trying to find the right coins on my own
Comment from : @MablePauls


@Breakthru7777
 Its not a good thing to take a 401k loan The compound interest from stock gains you miss out on is devastating to your future self It takes a long time to recover the missed gains and it takes years of gains and tosses it right out the door and sets your progress back years Lets be smarter than this people
Comment from : @Breakthru7777


@madangel2002
 Pretty helpful I guess it makes sense if the money you put into your 401k pays of the loan you take out on it You just lose the gains of the money while it’s out I put 20 of my check into my 401k and it’s climbing rapidly Depending what I can takeout since I don’t think I fully vested would be something for be to seriously consider doing this I’d say my 401k is at about 17k after 6months Main thing is just not losing your job and you would be fine
Comment from : @madangel2002


@trailsloth2223
 Are you able to pay the loan off early with no penalty?
Comment from : @trailsloth2223


@teffytime1360
 Well explained, and easy to understand Thank you sir 👍🏾
Comment from : @teffytime1360


@lovejoychristiibadverdera2207
 Thank you!brThis is helpful info!
Comment from : @lovejoychristiibadverdera2207

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