Story of a 401(k) Financial Break

Recently I had witnessed a financial break win situation of a person who had financial distress, unfortunate situation with uncertainty, credit score got low due to some high balances created on credit cards. Even though a person was a homeowner and had some equity in the home, obtaining a loan in a given situation was nearly impossible. Luckly, there was a balance on 401(k) that accumulated over period of a time with an employer. Simple step of reaching to the financial advisor turned into a financial break from some of the debt. Instead of withdrawing the funds from 401(k) retirement plan which would have resulted penalties, a loan with a low interest was offered against the person's own retirement, which made a huge difference on reducing total of monthly payments (in this instance it was exchanging almost $700 per month of minimum payments for $120 per month repayment of a retirement plan loan). It had boosted up credit score immediately due to paying off or paying down credit cards, and the best of all, borrowed loan against 401(k) never hit the credit bureaus. Perhaps some are in a similar situations and are prevented from a home purchase or borrowing Home Equity Line of Credit, this story might be an inspiration not to give up and explore all options with the retirement plans that could be beneficial while accumulating the retirement benefits. As a real estate agent, my goal is to see every person experience a home ownership and piece of mind with investing into self with a real estate property, Will be happy to assist with answering questions on best ways to get you to home ownership and assist you with finding your next home.