IF you could ONLY buy a house with cash (mortgages no longer available), would you? (loans, lenders)

[freemkt]

Originally Posted by BiggJoe4181

I just don't see people willingly giving up some of these things to have "affordable housing".

Then government needs to get out of the way and let the free market sell affordable homes to low-income Americans. The status quo amounts to class warfare.

[freemkt]

Originally Posted by Nocontengencies

Those of you talking about tiny affordable housing, there is more of it out there than there has been in very long time. Have you looked lately?

I keep looking but have yet to find anything I can afford.

[stan4]

Credit is not evil. It never was. The abuse of credit is the problem. The other problem is the pervasive lack of honor towards your debts.

[MrRational]

Originally Posted by stan4

Credit is not evil. It never was.
The abuse of credit is the problem.

...and then there's the problem (of abuse) related to a tax deduction for the interest paid on debt

[MeinGlanzendMotorrad]

Last year I bought my first house with cash, just over $30k at closing.

[NOLA2SGF]

I wouldn't buy another house unless I could buy it in cash. Luckily, I could do that if I wanted to. My personal preference is to have no mortgage ever again.

[Bideshi]

Originally Posted by MeinGlanzendMotorrad

Last year I bought my first house with cash, just over $30k at closing.

Well done. I wish I could persuade my wife to be content with such a practical approach. Does it have a suitable garage for your shiney bike?

[MeinGlanzendMotorrad]

Yes. Though it's currently not parked in the garage since I made a mess of an oil spill last time I changed the car's oil and there's kitty litter all over to soak it up.


I spilled the catch pan

[Bideshi]

Back to the original thread, it's a gamble. In certain circumstances, paying cash may be the way to go. However, if hyperinflation kicks in, then having a low interest fixed rate mortgage where you pay less and less in real purchasing power over the course of the mortgage would be good. Place your bets!

[MrRational]

Originally Posted by Bideshi

Back to the original thread, it's a gamble...

Owning your home is a financial status that you progress toward.
Even in good times it's rare to start at that point.

The gamble part, in the current economic situation especially, is because too few people have any real
confidence that they'll be able to (or even want to) keep their current jobs. Flexibility can be a good thing.

Even Olde Phartes looking to shift to smaller digs in a new town might find that flexibility a GoodThing

hth