I have money in my 401(k) I am investing to federal limits for both myself and my wife and I am primarily planning to use this money for my first house downpayment and my thought process is as below:
- If I put money in the 401(k), it grows faster because I am not paying any taxes on it + Company's contribution.
- I am planning to pull all the money out when I buy a house but I am getting some conflicting information online and I am not sure if I can pull out everything from my 401(k) or there is any limit to what I can borrow?
- Are there any rules on the loan length when I borrow money from my 401(k)?
- What is the process to borrow money from my 401(k)? Can I directly work with my 401(k) management company or do I have to work with a government agency for this?