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Benjamin Pack

NMLS ID 632031

801-912-8484 bpack@boemortgage.com

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The Alpine Team The Pitfalls of Using 401K Money for Down Payment

There are some “gotchas” when you borrow from a 401(k) to purchase a home which could raise your total loan costs to a figure much higher than what you borrow. For example: During the period your 401(k) loan is outstanding, you’re typically prevented from making full contributions to your existing retirement plan. This means that you could forgo up to 5 years of retirement fund contributions, which could make a significant impact on you later in life. If your employer is one that matches 401(k) contributions, you miss out on those ...

June 28th, 2018 | #homestagingtips, 401K, Down Payment, Purchase Loans, homeloan, thealpineteammortgage, The Alpine Team The Pitfalls of Using 401K Money for Down Payment

The Alpine Team DOWN PAYMENTS

Here with The Alpine Team Mortgage offer several available options for customers who have little available for down payment when purchasing their home.  Depending on the customers’ needs, income, credit score, possible military background, and location of the property, the minimum down payment requirements range from 0% ( VA and USDA loans) to 5% (Conventional/Fannie Mae loans).  Another option for customers is an FHA loan.  This is a loan where only 3.5% of the home’s purchase price is required for a down payment. It is popular among first-time homebuyers as well as...

May 24th, 2016 | Down Payment, Purchase Loans, thealpineteammortgage, VA Loans, 401K, The Alpine Team DOWN PAYMENTS