Buying or refinancing a home can be a daunting task to undertake. For many first time homebuyers, rising mortgage interest rates certainly don't help ease the financial burden.
In a new Financial Planning article, James Bremis shares a tip on how homebuyers may be able to avoid borrowing as much or at all at the high mortgage rates. While experts generally advise against taking money from a retirement account, James notes a first home may be an exception. Potential homebuyers can use up to $10,000 from their personal retirement account, he explains, and the money would alsp count as income.
"There's no penalty for actually accessing it for that," Bremis said of clients buying their first ever homes with the money. "You wouldn't have to borrow any more, necessarily."
Interested in learning more? Check out the full article here.
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