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Reply to "Taking out a 401k loan for larger down payment "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]If you can "aggressively pay yourself back" for the 401k loan, just do that in advance a save a bigger downpayment in the first place. Nobody wants to have to wait any more. [/quote] OP here, yes I was expecting people to say this but I don’t think it’s unreasonable to not want to wait for a house because it impacts your lifestyle significantly and playing the waiting game has only hurt people in the past 10 years. I wasn’t aware of the recasting option. If you can do it with little to no fees I think this would be a good choice. I thought my only option would be a complete refinance which is heavy on fees [/quote] I am one of the PPs who did a recast. I purposely got a mortage that had a no-fee recast option (at the time this was with Wells Fargo but that was a while ago). I agree I would buy something now if you can and not wait to save up.[/quote]
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