DOE teachers - loaning youself retirement money?

My DH and I are in contract on our forever home. We are toying with the idea of loaning ourselves some of our retirement funds to get into the house to free up some cash.

Has anyone done this? How long does the process take? How do I start? How long do I have to repay the loan? What's the interest rate likely to be? (I know I could call HR Connect and/or ask payroll, but frankly, you ladies will get back to me much faster ) TIA!

Re: DOE teachers - loaning youself retirement money?

So easy. It comes out from paycheck deductions. You pick the repayment terms. You can check it all before you commit. Money gets deposited in your account in a few days. You pay yourself back the interest. You do it all from the trs website.

Re: DOE teachers - loaning youself retirement money?

Message edited 2/24/2015 8:34:52 AM.

DOE teachers - loaning youself retirement money?

So simple, although most discourage it, you do what you gotta do

Re: DOE teachers - loaning youself retirement money?

The interest is like 7%.....I have had to take 2 small loans, but it was helpful to know that money is there,,,