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If you have to borrow money from your 401(k) or other retirement accounts to fund your
down payment...don't do it, it's just not worth it.
I'm Ilyce Glink with today's Real Estate Minute.
I know you might feel desperate when you're scraping together cash for your down payment,
but I can't recommend raiding your retirement account to get it. Remember: You can borrow
money for a house but no one will lend you a dime for your retirement.
If you do borrow from your retirement funds, make it a small percentage and pay it back
within a few years with interest. You also should keep putting money into your 401(k)
until you max out.
The bottom line-look elsewhere for cash before you tap your retirement accounts. If you
have to risk your future to pay for a house, it's not the right house.
I'm Ilyce Glink, for more details and links visit my website ThinkGlink.com where we're
rebuilding America, one house at a time.