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Asked 3/4/2008
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401k contribution I am looking to buy a home in the next year or so and was wondering if I should contribute less to my 401k so that I would have more cash available for the down payment. I currently contribute the maximum pre-tax amount.
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Answer 1/1 - Submitted 3/4/2008
If you plan to continue contributing to your 401K plan after you purchase your home, you should check the 401K rules to see if you can borrow from the plan either for a down payment or even for the purchase of a home. The loan interest from a 401K loan will probably be lower than the mortgage loan interest from a bank or lending institution. The overriding consideration here should be your ability to comfortably make your mortgage payment. If you can go with a lower downpayment and comfortably afford the mortgage, then keep fully funding your 401K plan. The 401K is your future insurance.
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