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Paying Cash For Your Home

You should not necessarily pay cash for your home just because you don't need to borrow money; More often than not you can still qualify for a loan as long as you are willing to commit to a sizeable down payment.

However, don't overlook re-establishing your credibility as a borrower. If you are permanently classified as a "deadbeat" your borrowing power will suffer in the long run. You never know when you'll need to borrow for some unexpected reason, to guarantee the debt of someone else, or to sign a lease or other contract that requires a credit check.

Rebuilding a strong credit rating is a very valuable asset on your household's financial balance sheet. Unfortunately, many people don't realize that until the need arises -- often when it's time to buy a home. With bad credit, they may find themselves paying 11% interest instead of 8%. You have the option to pay cash, but it is your best option only because your alternative is to borrow under the onerous terms offered to deadbeats.

The first creditor to convince you are no longer a dead beat is yourself. When you withdraw $50,000 from your savings to make the purchase, you are effectively borrowing money from yourself. Pay it back to your self, with interest, just as if you had borrowed it from someone else. Charge yourself 8 percent, the going rate for a mortgage without points. To pay off the $50,000 loan at 8% over 10 years, pay your account $607 a month. To pay it off over 15 years your payment would be $478. To determine payments for other periods use the "Mortgage Payments on Fixed-Rate Mortgages" calculator on my web site.

Playing the role of lender as well as borrower may prove therapeutic because your lender half will be obliged to discipline your profligate half. Self-discipline is more difficult than externally imposed discipline and, if you manage it successfully, you can start taking the next step to restore your credibility with others. To begin that process apply for a credit card secured by a deposit and use it to make purchases for which you would otherwise pay cash. Then, make sure you pay the credit card bill on time, every time.


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10721 Jackson Lane, Frisco TX 75035

214-387-0683EMAIL: info@brown-lending.com


"Your reliable Dallas Mortgage Broker and specialist on Texas Mortgage Rates and Home Mortgage Loans."



Fixed Rate Mortgage