Unless you are in a situation where you'll still have loads of cash at your disposal after doing this, it's not usually a great idea to pay cash because houses are illiquid (i.e. cannot be sold quickly to regain your investment).
Given how low mortgage rates are today, there's an excellent chance that money could be invested in something that provides a higher yield than you'll be paying out in interest and where the cash is more readily accessible. And you can add the mortgage interest tax deduction on as well. If you have enough cash laying around to pay for a house outright, you should have financial professionals involved in your affairs to make sure you're making the most money from your money.
There are shorter mortgage terms than 30 years. A mortgage lender can sit down with you and show you the differences in cost over different loan lengths and show you what your rate options are based on your credit scores, down-payment, etc.... more
Hi Maria, I am having an open house at 95 Spruce Street in Framingham, on Sunday, June 22 from 12:30 PM to 1:30 PM. The house has 4 bedrooms, 3.5 baths with a complete finished basement. You can find more information by searching "95 Spruce Street, Framingham, MA" in Trulia. Please stop by on Sunday and see if this house is what you're looking for! ~Debbie Perro, Real Estate Broker... more
We are often told about low down payment loans by the mortgage brokers and loan originators in our area. I'd call some local lenders in the area where you want to buy. They may have some useful programs for you.
(It helps brokers and agents who answer your question, when you choose a Best Answer.)... more
Hello Mary- I work for a large mortgage company in Massachusetts, and I'd be happy to take a look at all your exact details and see what we could come up with. There are still a couple lenders/ ways to do this- but it has gotten a lot tougher in the past 12 months. Most likely you will have to come up with at least 30% down payment, etc. That's the best advice I can give you without more information.