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Mrs. T | Would you rather have money or no mortgage? |
Would you rather have $100,000 in the bank, or no mortgage on a new house? Why? |
 |
 
rhrjruk
|
Great question! Many people wonder about this.
Many keen investors say you should max out your mortgage because (a) the value of houses only goes up, so it's a great investment and (b) the interest on the mortgage is a tax deduction.
Well, it's not that simple. At the moment, house values are going down across the USA and the stock market is going up ... so your $100k would currently be doing better on the stock market. (The opposite was true 4 years ago, however).
And a tax deduction only gives you back a portion of your mortgage payments, depending on your tax situation and the nature of the mortgage. Some people act like the phrase "tax deduction" = free money and that simply ain't so.
These same advisers neglect to show you how much you save in interest by paying off your mortage early. I've included a link below to help you calculate this.
The truth is that each person's situation needs to be assessed according to several factors:
1. have you got a competitive mortgage rate and is your current mortgage giving you personally a sizable tax deduction?
2. are you planning to hold onto your home for a long period of time?
3. are you an active investor (in other words, are you prepared to get out there and take some risks to generate 7-10% return on your investments)? or do you prefer to play it safe and keep your $100k in a money market fund earning 3%?
and perhaps most importantly of all,
4. how comfortable are you with debt?
Personally, I have paid off two mortgages early and now own both my houses outright. Because I paid them off early, I can now invest the $2000 per month I used to spend on mortgages to build my retirement fund.
Don't be persuaded by all these clever "investors" (half of whom lose their shirts). You need to evaluate your own circumstances and comfort level to see what's right for you.
Check out the links below for helpful advice. |
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Puddinhead
 |
No mortgage. The interest you are paying on your mortgage is more than the interest you will gain on the money in the bank. Pay off the mortgage, and keep that money from your paycheck every month! |
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lizzgeorge
 |
It depends on the rest of my financial situation.
I would always want to have at least $10,000 in the bank for unexpected expenses. Assuming I am a normal working adult, I can afford my mortgage payments, and I'm paying less than 7% interes on my mortgage, I'd rather have $100,000 in the bank--because then my net worth is increasing faster since my home is leveraged, plus I have flexibility to invest the rest of that money for much more than my mortgage interest rate.
But if I was retired or had a low income, I'd rather have no mortgage so my fixed living expenses would be very low. |
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mandm
|
I rather have no mortgage on a new house because then all the money I make I can have fun going places and still start saving some of the money and put it in the bank. |
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bizzle
|
It really depends on where you live. I live in Torrance, CA and the average 2-bedroom house is costing almost $1million. So, for me I would say no mortgage on a new house, definitely...or I'll just take the $100,000 and triple it in Vegas... |
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C L
 |
I'd rather have a mortgage. Tax write off and build credit (assuming you pay on time). Good luck babe ;) |
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Amanda F
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NO MORTGAGE THAN i'D HAVE MONEY BY NOT HAVING TO PAY MY MORTGAGE |
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Laissez-Faire Guy
|
You mean $100,000 in the bank and $100,000 mortgage, or 0 in the bank and 0 mortgage? I'll take the cash and mortgage.
As long as you have a decent interest rate on the mortgage, the money guarantees your liquidity in case of any unanticipated consequences.
Heck you can get over 5.25% from an online savings bank these days. |
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krismas
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No mortgage because then i would have money then. lol |
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pretzel2222
|
100,000. The mortgage is better because it is leverage on an increasing value asset + you can write off your mortgage interest on your taxes.
You pay they 6-7% interest on your mortgage, but on the 100,000 you invest you should be able to aveage 10-13% ROI if you have a good advisor.
Email me if you need further advice. |
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Jo Blo
|
The mortgage will be paid in future dollars that are not gonna be worth as much as today's dollar. So you are actually paying less for the house by paying it off in future dollars.
if you still had the $100K, you could invest it and make a good return,, better than the value of the house going up. |
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galdesigns
|
I would rather have a mortgage.
1. You get to enjoy a lovely home and have the tax benefits that go along with it.
2. You don't waste your money on rent.
3. You gain equity and will have a place to live in for free by the time you are 50 or 60.
4. You build good credit.
5. You live the American dream
My 2 cents.
Off course both would be nice. |
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scottbradentx
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Both, thanks. |
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