tomsen12 OP t1_jadltef wrote on February 28, 2023 at 5:56 PM

Reply to comment by goblueM in How much 401k loan should I take? by tomsen12

Does the fact that I can’t put 20% down increases the lending interest rates? This is a conventional loan.

tomsen12 OP t1_jadlmr7 wrote on February 28, 2023 at 5:55 PM

Reply to comment by micha8st in How much 401k loan should I take? by tomsen12

Sorry, I don’t have answers to all the questions now. I’ll check with the lender.

401k loan interest is 7.5%. Currently, the conventional loan interest rates are above 7%. My interest rate lock will happen around mid March. The property is in Dallas where property prices have gone up 200% in the 2-3years, so I don’t expect any appreciation after purchasing the property.