Pay cash for house?

[redbean]

Originally Posted by annamaga

OK here is what I decided to to do!!!!

I have paid off the outstanding debt. Which hurt my credit rating! I have put 40K down on the mortgage & I am investing the rest. The 30 year mortgage payment is less than the bills were and I have decided to pay 2x the monthly payment so it is paid off before I retire. I have put 10K in a safe place in case the banks go down completely. And if I need to come up with money for medical bills I can cut back to the standard payment for a short while. Thanks so much for all the help everyone.

Congrats, you have made a very wise choice. I just wanted to add that I am a bit worried about the statement that you have put 10k in a safe place. You shouldn't have this in your house, at least not in currency form. I would have a couple grand in gold and/or silver bullion at most. Make sure that this would be covered in your homeowner's insurance policy, you'll probably have to get a special rider. You never know what could happen, you could get burglarized or whatever. Also currency will probably experience a loss of value due to inflation in the near future, and gold/silver will keep up with the inflation rate (but not outperform).

Then I would find a local credit union to put the rest of the cash in. The vast majority of credit unions (and small local banks) are quite well run and your money will be safe there.