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Cathy | Is good to buy a house with cash? No mortgage? |
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tweetymay
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Absolutely! With a mortgage you will have interest charges for the next 15, 25 or 30 years!!
Plus, if down the road you need some extra cash, you already have equity in your home. Don't borrow more than you need, and you will be doing great financially! |
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frankie b
|
If you can get a mortgage at lets say 6.2% for 30 years fixed.
And you could invest that in mutual funds and other stocks and make lets say 12% (Conservative figure) then you are still up 5.8 % on your money.
Now isn't making 5.8% better than having all that money tied up and not earning you anything?
earn equity on your home with the banks money, and earn interest on your own money all at the same time. something you cannot do if you buy for cash.
everyone here that says yes is not in the position to do it, and if they are they are not wise business people.
I could buy homes cash all the time, but i choose to make my money work for me, and the banks.
Go ask a financial adviser,they will say the same |
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mtgguy
 |
I would have a small one due to the fact that it is tax deductable every year. I would get a HELOC so any improvements I do I draw from it and payback as much as I need to. I get to write off the money I took out of the line of credit with out draining my liquid cash |
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Michael Chantrel
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Depends...
If you are young, you should be investing for your retirement first, and paying off your home second. Why? Because your money will be working for you for the next 40-50 years. The sooner you invest, the more you will make on it and the sooner those savings will be protected from tax.
Also, if you live in the US, your mortgage is a tax deduction. Money in the bank, however, will cost you money as you pay tax on any interest that you make.
If you are in your 40's or 50's, buying a house cash makes a lot of sense. You don't have any mortgage payments, and that money can be put towards retirement -- but it won't have the same amount of time to work for you. Your home, on the other hand, will generally appreciate nicely over a 20 year horizon. |
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Skip
 |
There is absolutely no way in this life time will I ever all pay cash for a house under any condition even if I am 100 years old.
There is a say in the real estate industry and it is "Equity Rich and Money Poor"
If you pay all cash for your home and if for some reason you need money for an emergency, even with the fastest mortgage company it takes 21-30 days for a mortgage loan close and in most instances the emervency will be over by then. Now if you had this money in an instrument in some type of savings, you might have to pay a penalty but the cash would be available within hours instead of weeks.
There are interest deductions that you can take in the US 100% of the interest you pay is deductible. YOur mortgage company will send you a document each year indicating the amount of interest you have paid which is deductable on your federal income tax. (Please see your tax advisor for any tax advise)
Now saying that depending on your age and the amount of working years you still have would have a factor as to how much I would put down.
If I was in my early 20-40 I would put as little down as possible because your earning potential is great. I would even go as far as trying to get a 100% loan if you qualified.
You cash can be in a bank for your retirement and you will be making monthly payments on your home eventually paying the principal down.
You should check with a mortgage broker to see what options you have and loan progrgams you qualify for. Once you have done that sit down with the mortgage broker and make a decision that is best for you. You might be qualified for a 100% loan.
He will need to complete an application, this will take awhile so be patient. He will also get a credit check with your credit scores
I hope this has been of some use to you, good luck.
"FIGHT ON" |
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go_lc_bears
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Every transaction I've bought this way has been very smooth. It's wonderful to pay for a house and own the entire thing, and not have to pay a monthly fee.
You'll have to maintain your own insurance and taxes though, without a mortgage company to do it for you, its up to you! |
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landersonjr1958
 |
OOOOOO god yes! You will be the envy of most everyone! |
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pattibcacl
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Yes It is but let the bank lend you the money |
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surelynotme
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Definitely. You can close escrow quickly, and if there are multiple offers on the house you want to buy, the cash buyer will usually win. |
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jackx
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good one!!!!!!!!!! |
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Winnipeg76
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It all depends on how you got the money. If you got it dishonestly and have no other income to speak of I would think the IRS would like to know how someone with no income buys a new house in cash. If you won the money in the lottery put the money in the bank and get a mortgage, let the bank buy your new house for you with the interest. If you're just plain rich go ahead and buy a house in cash. Save the obscene interest they charge. |
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Cat
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If you can swing it - of COURSE! martgage interest is money down the toilet. A mortgage on a $120,000 house will have you paying closer to $200,000 for it (assuming you pay the minumum each month and don't pay it off early).
Who would spend $200K instead of $120K if they had a choice about it? |
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