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I recently got a question from a viewer about whether it was a good idea to buy a home with money from a 401K. Keep in mind that I am not a CPA, and I'm not licensed to give any advice on this, so I'll just give my opinion.
What I would think about right now is how low interest rates are. They are quite possibly the lowest that they've ever been. There is a high likelihood that if you buy a home now, you can save tens of thousands of dollars (in interest) over the lifetime of a loan.
I wouldn't be too concerned about a home losing value once rates do eventually rise again, but I would keep in mind that real estate prices have only risen in the last few decades.
So, again, if you're thinking of pulling funds from your 401K to buy a home, I'd really want you to talk to a financial adviser, but now really is a great time to buy a home.
Please don't hesitate to contact me with any other questions you might have about real estate in Austin!
