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Think hard before you take down a 401(k) loan

Think hard before you take down a 401(k) loan

3 years ago I happened to be buying a home and finished up taking right out a 401(k) loan. At first, 401(k) loans look like a fairly good notion. I will loan cash to myself rather than spending mortgage interest to a bank? Appears great! But right here’s the thing I learned…

We knew that 401(k) loans had their drawback, but We felt I became the candidate that is perfect one. I required just a little extra cash for a advance payment to prevent PMI. In addition had a tremendously stable task that I enjoyed and thought i’d remain at for the remainder of my job.

3 years later on things have actually changed. Even I would stay at my old job forever that didn’t end up happening though I thought.