Is it better to buy a house cash(If you have the cash) or finance it? What would you do?

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Is it better to buy a house cash(If you have the cash) or finance it? What would you do?

escapegrl1

I don't know how old you are, but if you are pretty young, paying cash isn't the smartest thing believe it or not. Cash is worth more to you today than getting it tomorrow through working. Meaning you can invest that cash and make a heck of a lot money on it over say a 30 yr mtg. You can quadruple that money or more during that time. Plus with a mtg. you get to write off mtg. interest on your taxes. You cannot do that if you pay cash.

billysimas

Better to finance it for leverage. You're throwing away a major opportunity cost when you pay in cash because that money can be used for other investments. Lock in a low rate while they're still low.

goldja2003

Cash is the answer if you are rediculas and know nothing about finance. I would imagine that the only people paying cash for houses are morons who win the lottery and rappers. While it is true that you would pay more than the value of the home due to the interest of financing a mortgage you can easily invest the cash that you would have spent and make much more. If you have enough money to buy a house cash then you should get a financial adviser who should easilty be able to earn you 10% interest in the market.

Robert H

buy it with cash put what you would have payed for your payment in a savings account. interest rate on payments for borrowing banks money. versus interest for you on savings from bank for having your money.

Annie

cash!!

loveholio

the hardcore answer is...

if you can invest your money and get a return that is higher than the interest rate on your mortgage, then finance your house.

if you are unable to invest your money that yields a higher return than your mortgage, then use your cash to buy the house.

dawn18417

HEY buy a 4 unit house,live in one and rent the other 3 out the renters could pay mortgage for you and you get to keep most of your money while still living for basicly free.

Yardbird

If you borrow the money, you can take a big tax deduction on your interest payments every year, assuming you live in the house.

Mr. Thumbs Up

Cash duh. over the course of 30 years you will pay 3 times the financed amount in interest.

Mr. Tea

Depends or you trying to market houses or just buy one to live in..
Once you pay cash always keep in mind that huge lump sum you gotta dish out at the end of the year. if you have mor ethan one house its better to keep them finance so that at the end of the years the taxes will not haveto be paid for they are added in You just refinance as much as possible over and over again. until you decide to cut loose.

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