401(k) loan to buy a house? Is it a good idea to borrow against your 401(k) to get the down payment to buy a home? If your employer allows you to borrow from your 401(k) plan, and most do, you can take the lesser of 50% of your vested balance or $50,000. The typical repayment term is five to fifteen years.
Blog Category: 401(k) loan
Buying and financing a new home can be a daunting task and many of us turn to friends and family for advice. Watch out for mortgage myths. The only experts in the mortgage field….are the experts in the mortgage field! Friends and family might not be the experts they think they are. The mortgage guidelines and interest rates are changing so frequently that unless someone is in the mortgage field as a full-time job, you should only take advice from a mortgage professional.