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Can You Use Your IRA to Buy a House?

, Wednesday June 28, by

A couple of things to keep in mind: “You will have to include the payments in your monthly budget. Also, the interest rate you are charged for the 401(k)loan may not be tax deductible (check with your tax advisor) and will probably be higher than current mortgage rates. Another minor point is you are paying the retirement loan back with after-tax dollars so the loan may be more expensive than you may think,” says Peter J. Creedon, CFP®, ChFC®, CLU® , CEO, Crystal Brook Advisors, New York, N.Y.

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