Скачать или смотреть 401K for Down Payment | Surprising Pros and Cons of Tapping into 401K

Are you considering using your hard-earned 401K savings to fund the down payment on your dream home? It's a decision that requires careful consideration. In this comprehensive video, we delve deep into the pros and cons of leveraging your 401K for your home purchase.
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Chapters
Introduction 00:00
What is a 401k 0:37
Pros 1:41
Cons 3:08
Do the math 4:39
Invitation for further discussion 5:34
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Using your 401K for a down payment on a home has its advantages. Accessing funds from your 401K can provide the immediate cash needed to secure your dream home sooner. Additionally, a larger down payment can help you avoid private mortgage insurance (PMI), saving you thousands of dollars over the life of your loan. This can also result in lower interest rates, resulting in significant long-term savings on your mortgage.🏡💹

However, there are downsides to consider. Withdrawing funds from your 401K before retirement age typically incurs penalties and taxes, reducing the amount available for your future. Additionally, using your retirement finances can potentially affect your financial security in retirement. 👴

Another important factor is missed growth opportunities. The money you withdraw from your 401K for a down payment won't be able to grow tax-deferred, potentially missing out on years of compounded growth. Weighing the pros and cons of using your 401K for a down payment is crucial for making an informed decision. 🔑

I’m Jeff Trevarthen, and my team and I have invested extensive time and effort to understand real estate and homebuying so your purchase can be profitable. In this video, we'll explore these points in detail, helping you make an informed decision about whether tapping into your 401K is the right choice for your homebuying journey.
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📞 Schedule a call with me here to discuss using your 401k for Down Payment: https://links.jeffthemortgagepro.com/...

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