Re: OT-Can I take $$ from 401K toward home purchase>> - Saab General Bulletin Board - Saabnet.com
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Re: OT-Can I take $$ from 401K toward home purchase>>
Posted by compaqted (more from compaqted) on Wed, 4 Feb 2004 09:02:54
In Reply to: OT-Can I take $$ from 401K toward home purchase>>, elSVT, Wed, 4 Feb 2004 08:35:14
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You can borrow from your 401K plan for a general loan, and you can use the money for anything you want... a car, a boat, a house, a diamond necklace for your mistress. But unlike a mortgage, the interest you pay is not deductible!
But the good thing is... you are paying yourself the interest! The downside is that you are selling the instruments that are under your 401K. IOW, you are selling the mutual funds or stocks in the 401K to lend the money to yourself. So you won't get any returns on the funds.
posted by 192.188.106...
Posts in this Thread:
- OT-Can I take $$ from 401K toward home purchase>>, elSVT, Wed, 4 Feb 2004 08:35:14
- Re: OT-Can I take $$ from 401K toward home purchase>>, EGD , Wed, 4 Feb 2004 22:11:40
- Don't do it!, J, Wed, 4 Feb 2004 21:03:25
- Is 20% the problem, PMI?, Randy Thatcher , Wed, 4 Feb 2004 11:15:49
- Re: OT-Can I take $$ from 401K toward home purchase>>, gizmo , Wed, 4 Feb 2004 10:04:53
- better idea, jeff, Wed, 4 Feb 2004 09:38:49
- Re: OT-Can I take $$ from 401K toward home purchase>>, compaqted, Wed, 4 Feb 2004 09:02:54 <-- Viewing This Message
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