John Segovia…, Home Buyer in Villages Of Langham...

do i have to get a loan to buy a house?

Asked by John Segovia Iii, Villages Of Langham Creek, Houston, TX Wed Nov 4, 2009

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No. You can pay cash for the house. You will need the purchase price plus your share of the closing costs.
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0 votes Thank Flag Link Mon Jan 18, 2010
You can either get a Loan or pay cash
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0 votes Thank Flag Link Tue Dec 15, 2009
I'll make it easy - no, if you are paying CASH. Cash is always king!
0 votes Thank Flag Link Tue Dec 15, 2009
A house is like a car. The seller does not care how you get the money as long as they get paid. If you get a loan they get paid. If the sell it to you themself with a loan they think they will get paid. If you pay cash they get paid...

Just remember, if you pay cash your closing costs will be less. You have no loan origination fees. But you still should get an appraisal and a house ( with pest) inspection. After all, just because you have cash does not mean you want to waste it.

The one advantage of getting a loan is you can deduct the interest. That means when you spend $100 for interest you can write $35 (depending on tax rates) of it off your taxes. Somehow every time I heard this I felt I was still LOSING $65.
0 votes Thank Flag Link Wed Nov 4, 2009
No, not if the owner owns the house free and clear. He can sell it to you for any consideration, as long as you both agree to the terms.

However if there is an existing mortgage on it, you would have to obtain a loan from any source to pay off the mortgage and transfer the Title to your name. Unless, you have the cash!

Best wishes,

Cindi Wolf, CMS, GRI
0 votes Thank Flag Link Wed Nov 4, 2009
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