Talk of The Villages Florida - View Single Post - Closing on a new house when paying cash
Thread: Closing on a new house when paying cash
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Old 08-21-2008, 11:43 PM
rshoffer rshoffer is offline
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Default Re: Closing on a new house when paying cash
Quote:
Originally Posted by Peachie
rshoffer, I'm not a financial expert nor do I claim to be but I wouldn't secure a mortgage to buy a home for which I could pay cash. Sounds like a lose, lose situation to me. You may make tons in the market or you may be helping to shore up your advisor's money in the market until it recovers, which could be tomorrow, in 6 months or 10 years. Have you ever read Dave Ramsey's book, "The Total Money Makeover". A paid up mortgage is the new BMW in America, according to his teachings. I suggest you do more research and don't take my thoughts as gospel, then you will feel more comfortable about your decision.
I just ordered the book from Amazon! I have the cash equity from my home sale in liquid (money market) assets... trying to wait for the market bottem. I will read the book. Maybe I'll pay off the house (which my wifey wants to do). Thanks for the tip.