It’s my passion to help clients understand the mortgage process! If you’d like to chat about your situation, I’d love to connect. Here is how to reach me:
1) Email me – suzanne.caldeira@movement.com
2) Hop on my app and apply. This will take you around15-20 minutes to complete, and there’s no need to overthink it as that’s where I’ll step in when we speak. After you’re done, I’ll be notified and I’ll reach out to you within 24 hours to book a Zoom to review your options, questions and my recommendations
3) Call me 401-480-3670

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Information provided is for educational purposes only. It should not be construed as financial or legal advice or instruction. Movement Mortgage does not guarantee or assume liability for the accuracy, completeness or timelines of the information. You should conduct additional research before making any mortgage related decisions.

I am a licensed Loan Officer in CA-DFPI20138, CT-48522, FL-LO104322, GA-20138, MA-MLO20138, NH, NJ, NY Licensed Mortgage Banker-NYS Department of Financial Services, NC-I-208238, RI, SC-MLO – 20138, VA-MLO-63945VA | Movement Mortgage LLC. All rights reserved. NMLS ID #39179 (For licensing information, go to: www.nmlsconsumeraccess.org)
Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply, contact Movement Mortgage for current rates and for more information. All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Movement Mortgage does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Movement Mortgage. Movement Mortgage its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action….(read more)

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A 401k loan for a down payment on a home is a relatively common practice among first-time homebuyers. While it can be a useful tool for accessing funds for a down payment, there are some important factors to consider before taking out a 401k loan.

A 401k loan allows you to borrow against the funds in your retirement account, typically up to 50% of the account balance or $50,000, whichever is less. The loan must be repaid within a set time frame, usually five years, with interest.

One of the primary benefits of using a 401k loan for a down payment is that the interest rate is typically lower than what you would find with a traditional loan. Additionally, you are borrowing from yourself, so you are essentially paying yourself back with interest.

However, there are some drawbacks to consider as well. When you take out a 401k loan, you are reducing the amount of money that is invested and growing in your retirement account. This can have a significant impact on your long-term retirement savings, especially if the market performs well during the time that you have the loan outstanding.

Additionally, if you leave your job for any reason before the loan is repaid, the balance of the loan will be due in full within 60 days. If you are unable to repay the loan, it will be treated as a distribution and subject to taxes and penalties.

Before deciding to take out a 401k loan for a down payment, it is important to carefully consider your financial situation and weigh the pros and cons. You should also explore alternative financing options, such as FHA loans or down payment assistance programs, which may be available to first-time homebuyers.

Ultimately, using a 401k loan for a down payment can be a viable option for some individuals, but it is not without risks. It is important to thoroughly research and understand the implications of taking out a loan against your retirement savings before making a decision.