Savvy Homebuying Option: Take Out a 401(k) Loan, Then Recast Your New Mortgage
Are you in the market to buy a new home? If you already own a home, most of your liquidity may be tied up in that property. You might not have enough cash on-hand to make a down payment on a new home and float two mortgages if you have a sizable loan on the old home. Unfortunately, many sellers may be reluctant to accept a home sale contingency in today's hot real estate market. So, what are your options if you suddenly find your dream home and want to make an offer?