All California Mortgage

QUALITY PEOPLE ~ QUALITY SERVICE

Since 1992, All California Mortgage has provided quality service in every area of mortgage lending. From purchase to refinance to construction and commercial lending, we have access to a full range of mortgage sources. Our lending specialists are dedicated to finding you the right loan-with great rates, terms and costs to meet your unique needs. 

COME HOME WITH THE HELP OF ALL CALIFORNIA MORTGAGE.  

 

© 2017 All California Mortgage, a division of American Pacific Mortgage Corporation  NMLS #1850 / BRE #01215943
17 E. Sir Francis Drake Blvd., Suite 200, Larkspur, CA 94939     (800) 371-4545   inquire@allcalifornia.com 
Licensed by the Department of Business Oversight under the CRMA     Disclaimer  |  Privacy Policy 

Should I take out a loan against my 401(k) to pay off credit card debt?

Your 401(k) is a retirement account, and it serves you best in that capacity. But you can save a lot in interest by using a 401(k) loan to pay off credit card debt. With some credit card interest rates as high as 30%, you will pay a much lower interest rate on the loan, and better yet, you will be paying interest to yourself because both principal and interest payments on 401(k) loans go into your 401(k) account.

In most cases, a 401(k) loan should be a last resort to pay off your credit card debt. Depending on your outstanding credit card balances and interest rates, you may benefit from consolidating your debts with a 401(k) loan. But before making the decision, consider whether the opportunity cost is worth it.

  ©  2017  All California Mortgage
a division of American Pacific Mortgage Corporation - NMLS #1850 / BRE #01215943
17
E. Sir Francis Drake Blvd., Suite 200, Larkspur, CA 94939     (800) 371-4545      inquire@allcalifornia.com
Licensed by the Department of Business Oversight under the California Residential Mortgage Act     Disclaimer  |  Privacy Policy