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-   -   Withdraw from 401k for mortgage to avoid PMI (http://www.thefinanceforums.com/showthread.php?t=5853)

raviram80 09-05-2011 01:49 PM

Withdraw from 401k for mortgage to avoid PMI
 
Hi All,

I dont have a lot of balance in 401k but it is enough for me to withdraw out of 401k to pay for my house principal to bring the LTV below 80% and avoid paying the PMI.

Given the current scenario of the economy where no one is getting good returns on 401k investments do you think it would be wise to take out money.

I plan to put the money back in an year or so. I can in any case withdraw only 50%

I have done the appraisal and I fear if I dont pay more down now I will have to pay high PMI for atleast an year or more and the value of the house could go down lower next year and I may have to pay more to avoid PMI.

Please advise.

Thanks


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