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Chris W. Rea
Chris W. Rea
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Purchasing a rental property: Should iI get a 401k Loanloan or Home Equity Loana home equity loan?

I needed cash right away to help pay for the down paymentdownpayment. I

I took out a loan from my 401k which imI'm currently contributing to per paycheck thruthrough my employer. I only needed about $10k, but iI ended up taking out $30k (a little extra for a few months of emergency funds).

The 401k option seemed like a smart move at the time because iI learned that i'mI'm basically "borrowing from myself".

Now someone is telling me iI should consider doing a HEL instead.

What are your thoughts: which is the better option?

Purchasing a rental property: Should i get a 401k Loan or Home Equity Loan?

I needed cash right away to help pay for the down payment. I took out a loan from my 401k which im currently contributing to per paycheck thru my employer. I only needed about $10k, but i ended up taking out $30k (a little extra for a few months of emergency funds).

The 401k option seemed like a smart move at the time because i learned that i'm basically "borrowing from myself".

Now someone is telling me i should consider doing a HEL instead.

What are your thoughts: which is the better option?

Purchasing a rental property: Should I get a 401k loan or a home equity loan?

I needed cash right away to help pay for the downpayment.

I took out a loan from my 401k which I'm currently contributing to per paycheck through my employer. I only needed about $10k, but I ended up taking out $30k (a little extra for a few months of emergency funds).

The 401k option seemed like a smart move at the time because I learned that I'm basically "borrowing from myself".

Now someone is telling me I should consider doing a HEL instead.

What are your thoughts: which is the better option?

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AlvinfromDiaspar
AlvinfromDiaspar
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Purchasing a rental property: Should i get a 401k Loan or Home Equity Loan?

I needed cash right away to help pay for the down payment. I took out a loan from my 401k which im currently contributing to per paycheck thru my employer. I only needed about $10k, but i ended up taking out $30k (a little extra for a few months of emergency funds).

The 401k option seemed like a smart move at the time because i learned that i'm basically "borrowing from myself".

Now someone is telling me i should consider doing a HEL instead.

What are your thoughts: which is the better option?