Hello I’m in the process of completing a home purchase. I have 20% down available to be paid for the down payment for my mortgage. However the lender has this requirement to have 50k in their new checking account, which needs to be there until closing date but can be removed once the loan closes. Since I don’t want to liquidate my stocks anymore, i’m considering take a loan against my 401k and immediately paying it back in a few days post loan closure. I expect I will have a loan for 15 days. Is that a bad idea, the loan rate is 8.75% and loan processing fee is $150. Is this a bad idea ?
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Title Of post: Loan against 401k for 15 days
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