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J C | Should I get a mortgage or pay cash? |
I am considering the purchase of a modest home in another state and am wondering if I should get a mortgage or pay cash. What are the pros and cons of each?
Thank you, |
 |
 
one Life to live
|
my advice would be to get a mortgage that way you have a tax deduction each year for the house repairs and so on, if you pay cash you don't aside from not having a mortgage payment |
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DebtFree
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pay cash. 100% of the time a paid for home can't be foreclosed on. :)
avoid debt.
the tax deduction is a myth that everyone falls for. |
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HerbS
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When you earn a dollar your lucky to get 80 cents, but when you save a dollar you get the whole dollar. If you finance a dollar, you pay over a dollar for it, with the less-than-a-dollar dollars. So when you add all of the mortgage fees in on top of that, it gets expensive. |
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jpr302001
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It depends on the terms of the mortgage and what you would do with the money if you don't pay cash. The goal would be to look at the big picture and figure out the best deal in the long run. |
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heybulldog
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Pay cash. Then the house is yours.
The money you save in interest will be way more than the money you save on the tax deduction.
Take what would have been your housepayment and put it in the bank or invest every month.
No payments = cash in the bank |
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mitch9262002
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There are never any cons when paying for something with cash. If at all possible, just do it. Just make sure you have title insurance and have an inspector look over the home thoroughly. |
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John the helper
 |
The main Pro of getting a mortgage is leverage. You can buy a much nicer house.
Try http://www.MyMortgageSaver.com to find the lowest rate.
Good Luck,
Jon |
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rhsaunders
 |
Mortgage. The interest is tax deductible, and it isn't likely that you will find an investment that pays less, after taxes, than the after-tax cost of the interest. |
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Tim
 |
It all depends on how much you have and whether it will deplete your savings to pay cash.
Mortgage interest can be deducted from you income taxes. But there is always a good feeling knowing that you don;t have a house payment. |
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Veritas et Aequitas ()
|
I have the same dilemma, currently. If the interest rate is good enough to where investments would have a better return, I would go with the mortgage.
You can also pay down the home enough to where your payments are more principal than interest. That way more money is going into the home and less is going in the lenders pocket.
If you pay it off that frees up a lot of cash that would go towards the mortgage. Then you can just put that money away for yourself that you would otherwise be paying to the bank.
It's really all about what you feel comfortable with. Some people like to be debt free with no burden of a mortgage. Others would rather invest and keep a mortgage because it benefits them tax wise.
I will probably pay down the mortgage to around $50,000 -$60,000, rather than pay it all off. |
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Greg S
 |
If you are planning on living in the house for more than 5 years, pay for it in full. If you are going to be there for less time than that, then it would be worth it to have a mortgage.
Paid outright
Pros: No mortgage, you own it the bank doesn't, you have immediate 100% equity. No interest. One less bill.
Cons: It is a large lump sum, in the short term, your money could be working for you making other avenues of income,
no tax benefit for repairs.
Mortgage
Pros: Less out of pocket money, keeps your money in a place to create other avenues of income. Tax benefits for home repairs.
Cons: Interest, you will be paying double the cost of the house in the long term. You don't own it the bank does.
It's another bill |
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globar
 |
Always get a mortgage .... |
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