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i.sprawl | I need to borrow some $. In general, what makes more sense: a home equity loan or borrowing against a 401k? |
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Mark S
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What is your intended purpose for the loan? My initial reaction is NEITHER, without further information. |
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katzchen75
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The previous poster is wrong, there is no penalty for borrowing on your 401K.
I would go with the 401K loan, because you'll be paying interest back to yourself, rather than to the bank (with a home equity line.) For the 401K loan, you'll be limited to the vested balance - which might not be sufficient.
Try to stay away from home equity loans, if you can. It's very risky to borrow based on your home equity. The market can turn against you very easily, they can be dangerous. Too many people consider these loans to be a no-brainer. |
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Steve P
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Neither. You are talking about putting your home or your retirement at risk. Analyze the "purpose" of the loan. Is it really worth jeopardizing your home or your retirement?
Try increasing your income through a second job, selling some personal property, or both. |
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nunny1969
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You'll get hit hard from early 401k withdrawl penalties and taxes. The better choice of the two is the home equity loan. You get to claim the interest on your tax returns. Just be sure to shop for good interest rates. |
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vixalle21
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if you borrow against your 401k then you will have to add the amount to your taxable income (which could put you in a higher tax bracket) and pay interest to yourself when you pay the money back. I would be more inclined to do the home equity loan:
from about.com:
Here are some things to consider before making that loan:
The money you borrow will only earn you the interest rate of your loan. For instance if your 401k is currently earning an annual rate of 6% and you borrow half of your account for a prime rate of 4% you will be losing interest on the money you borrowed along with any compounding interest.
Your contributions to your 401k are pre-tax but the payments you make to repay your loan are made after taxes.
If you leave your employer prior to paying off your loan you will be required to either pay the entire balance due immediately or the balance will be subject to taxes and penalties like a withdrawal.
The interest on your 401k loan normally is not tax deductible like a home equity loan or a mortgage.
As you can see borrowing from your 401k has implications that make it not the best loan alternative if you need some extra cash, regardless of your age or length of time before your retirement. |
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Hello
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401(k) takes 20% as taxes. If you only need a small amount of money take out a personal loan. to avoid all; sell some things that you have laying around on Craigslist.org or EBAY. |
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PJ
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Nice spam from everyone....
anyway, one thing to mention on the Home Equity is that the interest is tax deductible.
I think it would depend on how much equity you have in your home. If your home is paid off and you need $20,000, I would do the Hoem Equity. If you just bought your house 2 years ago and think 'wow I have all this equity" then I would say stay away. |
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Tommy
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I would have to say, go with the 401k if you can.
Home equity pays interest to the company that you are borrowing from.
In general, the interest from a loan on a 401k goes right back into your 401k. So you paying yourself for the money you borrow for yourself.
That's how I would do it if the loan is for an approved purpose to allow you to take the loan from the 401k.
Good luck |
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BamaGreenBack
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Home Equity Line |
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jayne n
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I am Mr Morgan Vick the managing director of morgan lending firm, We offer loan at low interest rate. For more information, Contact us at morganlendingfrm@hotmail.com |
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