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Reply to "Cashing out 401K to payoff mortgage"
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[quote=Anonymous]bad idea right? we are seriously considering cashing out one of the 401Ks and paying off a second trust on our house, we then plan on saving payment each month to grow our cash reserves and just have some more security in that we won't lose our house if we lost a job or had to take significant paycuts. we will also be able to refinance and take advantage of the low rate. Here's how I see it: Pros: pay off high interest 2nd trust Refi 1st and lower payments by almost 2K a month ability to be more flexible in job market (ie. no needing to make 300k a year) Cons - obvious - taxes, penalties, losing future returns on investments. anybody done this even though its against all conventional wisdom? [/quote]
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