Are you refering to a loan balance?

I'm going to use this to take advantage and save up some money which I will probably use to pay down the current balance to be able to re-finance if thats still an attractive option at the time.

Well, the 80% is way out of balance.

You won't see the appreciation in these areas continue very long because wage rates for the hourly folks are not following the same upward path and that will naturally keep the balance. 

@Andre Vitalis Not 100% clear on why you must know their mortgage balance outside of looking for the answers to the test.

It is just one more layer of insurance to help balance expenses. 

The result is your IRA will be disqualified with penalties up to 100% of the account balance.

@Daniel Dietz, have you looked into Freddie's Small Balance loan?

Very informative advice given I appreciate the heads up Jeff and I will definitely be balanced when it comes to looking for good deals and shopping around for multiple lenders that meet my criteria as a newbie.

Please note that the account into which the funds are deposited must be the same type of account from which the funds were first withdrawn (e.g. withdrawal of pre-tax funds from a 401k could be deposited in a pre-tax IRA but not a Roth IRA - "like to like").Loans:Payments on a 401k loan taken under the CARES Act must be paid back starting in 2021 over a 5 year term.Here are the details regarding the loans:NEW LOANS:The CARES Act which was enacted to provide relief to individuals impacted by COVID-19 allows for increased 401k loans and more flexibility for repayment of these loans.Specifically, you must be an individual who meets one of the following conditions to demonstrate that you have been impacted by the crisis (and it will be your responsibility to retain documents in your files that demonstrates that you are a qualified individual):Individual who is diagnosed with COVID-19, with a CDC-approved test;Individual whose spouse or dependent is diagnosed with COVID-19, with a CDC-approved test; ORIndividual who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, having work hours reduced, being unable to work due to lack of child care due to COVID-19, closing or reducing hours of a business owned or operated by the individual due to COVID-19; or other factors as determined by the Treasury Secretary.On or before September 23, 2020, such individuals take a 401k participant loan subject to the following terms:Maximum Amount of the Loan: 100% of their 401k balance not to exceed $100,000.