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401(k) loans. You can borrow up to $50,000 or 50% of your vested balance (whichever is less) from your employer retirement account. ... Cash-out refinance vs. home equity loans: Which is best in ...
A home equity loan adds a second mortgage to your existing one, while a cash-out refinance replaces your current mortgage with a new, larger loan that provides extra cash from your home’s built ...
Early withdrawals are less attractive than loans. One alternative to a 401(k) loan is a hardship distribution as part of an early withdrawal, but that comes with all kinds of taxes and penalties ...
Gen Xers: Taking 401(k) loans. A 401(k) loan is often a wiser play than an early withdrawal, which triggers income taxes, plus a 10% penalty tax if you're under age 59 1/2 at the time. These loans ...
Home equity loans. With a home equity loan or line of credit (HELOC), you take on an additional loan or line of credit rather than replace your mortgage. If you have a stellar interest rate right ...
Refinancing a mortgage involves swapping out your current home loan for a new one, often with a different rate and term. The process is similar to when you initially purchased your home. Our ...