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Old 11-25-2013, 06:36 PM
 
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The only thing I can think of is home insurance that I am not forced to buy.

Anything else?
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Old 11-25-2013, 06:40 PM
 
Location: DFW - Coppell / Las Colinas
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Quote:
Originally Posted by misterno View Post
The only thing I can think of is home insurance that I am not forced to buy.

Anything else?
You would buy a home in Houston and not take out insurance ? They get many hurricanes down that way.

The main thing you save is Lender fees. All else stays the same.
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Old 11-25-2013, 06:50 PM
 
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So how much is lender's fees approximately?
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Old 11-25-2013, 06:55 PM
 
Location: DFW - Coppell / Las Colinas
29,920 posts, read 34,517,946 times
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Quote:
Originally Posted by misterno View Post
So how much is lender's fees approximately?
It's all variable by the lender. You'd need to ask them what they charge.

You would also not be paying interest on a mortgage.
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Old 11-25-2013, 07:09 PM
 
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Is that all?

This is not much. I would rather get 30yr mortgage

the problem is I am not earning much on my savings, at least not more than 4%
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Old 11-25-2013, 07:54 PM
 
Location: Plano, Texas
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There are benefits to a mortgage. Once you buy a home all cash, it could be tough to get that cash back if you need it.
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Old 11-25-2013, 08:05 PM
 
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Originally Posted by VictorBurek View Post
There are benefits to a mortgage. Once you buy a home all cash, it could be tough to get that cash back if you need it.
So tell me what are the benefits of taking a mortgage?
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Old 11-25-2013, 09:45 PM
 
Location: Southern California
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Quote:
Originally Posted by misterno View Post
So how much is lender's fees approximately?
You'll save on interest. Would you still get title insurance if you paid all cash? Some see cash in the pocket a benefit. There is also leverage for investment.
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Old 11-26-2013, 06:43 AM
 
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home insurance is .10%/year of your cost of the house? and you want to take that risk? I wouldn't recommend it.
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Old 11-26-2013, 06:59 AM
 
Location: Plano, Texas
1,676 posts, read 6,332,679 times
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there are several benefits to a home mortgage:
1. interest is tax deductible
2. cheap source for borrowing money, where else can you borrow money over 30 years under 5%
3. allows you to leverage your cash into other income generating items such as stocks, bonds, other properties
4. allows you to hold onto your cash in case of emergency
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