Search

Fund Your Down Payment with a 401k Loan

One of the biggest hurdles preventing first time home-buyers from acquiring their first home is coming up with the down payment. Luckily, for those who have been diligently putting away those beautiful pre-tax dollars into their qualified 401(k) over the years have an HUGE advantage. It's possible to borrow up to 50% of your 401(k) balance to apply towards a down payment on a house. The best part is that you are paying back the loan to yourself, not to a bank. While using this strategy to beef up your down payment could increase your monthly payment, your total cost of funds will be less in the long than other financing options. Combine this with the added tax savings (if you are currently r

COPYRIGHT 2020 © KORI KURTZ  kori@korikurtz.com