401k loan for first house. Taking $20k to go towards down payment and closing costs. Option 1 is a “personal loan” with up to 72 month payback. Option 2 is “home loan” up to 30 years. With the monthly payments, I lean towards Option 1. Any cons to this other than it impacting my DTI when they see these debt payments on bank statements for mortgage pre-approval? I plan on having the loan sit in savings to “season” for a few months. Does this make sense? I appreciate insight! ☺️

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Take the longer term and pay it back sooner if you want. Usually these have very low interest rates so the real cost is just opportunity cost of not compounding your money. Given that, id take the longer term and pay off as soon as I could.

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What market are you in? Nyc, Boston, LA?

Seattle

What’s the interest rate difference?

Do the longer term and overpay. Gives you more flexibility.

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Another note is that the “home loan” option requires some paperwork showing I’m along in the mortgage process, while the “personal loan” does not. With me wanting to take this out a few months prior to mortgage pre-qualification so that it appears more “seasoned” - not even sure if “home loan” option would work with what I’m trying to do? My understanding is that pre-qualification only looks at a couple months of bank statements, but then they’ll of course see my recurring payment back to fidelity

Thank you, both! Agreed that I should just pick up the phone or set up an appointment for the facts 😊 thanks for the share, Associate! Glad to hear

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