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Forum » Getting a mortgage vs buying a house outright with cash?
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Thread: Getting a mortgage vs buying a house outright with cash?

post 1666882573 08-28-2022, 05:25 AM
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Getting a mortgage vs buying a house outright with cash?

Which one would you rather do? I'm not far off a deposit for a mortgage but it would take me 10+ years to save enough to buy a house outright.

With a mortgage it's a fixed rate/price but you're also in debt with the bank and if your circumstances change, you lose your job etc you're pretty much fuked and lose the home.

Buying outright is so much simpler and less hassle, don't need to go through bullchit credit checks etc.
That being said by the time I have enough money to buy a house outright the same properties I want will probs be well over 50% higher.
post 1666882933 08-28-2022, 05:49 AM
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If you have enough saved to buy outright I would assume youre smart enough to leaverage and use the banks money…
post 1666883113 08-28-2022, 05:58 AM
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25% deposit 75% mortgage will get you a good interest rate and also the option of changing the mortgage to a buy to let if you choose to rent it out or buy something bigger in the future.

Also you live in leeds arent flats around 30k in that chithole ?
post 1666883463 08-28-2022, 06:13 AM
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Originally Posted By nattyandweak⏩
25% deposit 75% mortgage will get you a good interest rate and also the option of changing the mortgage to a buy to let if you choose to rent it out or buy something bigger in the future.

Also you live in leeds arent flats around 30k in that chithole ?
Nah they're like 100-150k on average, some even 200k+ srs.

Plus flats are almost always a leasehold so there's a good possibility you have to pay ground rent etc.

You can find a really grubby run down one for 40-50k.
post 1666883483 08-28-2022, 06:14 AM
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well according to misc experts your house with triple in value in 2 years so if you lose your job just sell it and easily make profit from it. lol at rentcels
post 1666883493 08-28-2022, 06:14 AM
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Just buy it cash or put down like 50% deposit minimum.

You can get 3 bedroom terrace house for like 100k in that chithole Leeds
post 1666883503 08-28-2022, 06:14 AM
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Wouldn’t that mean living with your parents throughout your prime years?
post 1666883663 08-28-2022, 06:21 AM
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I’ve done both.
There’s no better feeling in the world than paying for a house with cash and not needing a bank at all. Just an attorney.
You can make lowball offers and most of the time they are accepted due to the sellers knowing it will be a smooth transaction. Then. Once you move into “your” new home you just pay the taxes and utilities. It’s awesome. No bank bull**** contracts or payments.
post 1666884293 08-28-2022, 06:37 AM
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Originally Posted By BrunotheBoxer⏩
I’ve done both.
There’s no better feeling in the world than paying for a house with cash and not needing a bank at all. Just an attorney.
You can make lowball offers and most of the time they are accepted due to the sellers knowing it will be a smooth transaction. Then. Once you move into “your” new home you just pay the taxes and utilities. It’s awesome. No bank bull**** contracts or payments.
who the **** has bout 350k cash on hand tho? LMAO
post 1666884623 08-28-2022, 06:47 AM
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Cash. Otherwise you have to wait 15-30years until you’re done paying your mortgage to move in
post 1666884703 08-28-2022, 06:48 AM
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Originally Posted By IamHarmsWay⏩
who the **** has bout 350k cash on hand tho? LMAO
Lol that you think I have bout 350k cash on hand. There’s plenty more than that brah. I got very lucky in life. Have a living trust and made some very smart financial decisions plus never had any kids. Was retired at 48. Took over a small business and sold it 4 years ago.
I own my homes outright in Naples Florida and Cape Cod and nothing I possess is financed. Hate the game bro.
post 1666884763 08-28-2022, 06:50 AM
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Originally Posted By IamHarmsWay⏩
who the **** has bout 350k cash on hand tho? LMAO
this, kek
Always finds something wrong with everything crew*

sit there and don't know what to do when people sing happy birthday to me crew*

Thread killer crew*
post 1666884953 08-28-2022, 06:54 AM
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I own my personal residence and several rentals that I rent to rentcels and dropped 100% cash every single time. Like mentioned above....you come in with 100% cash you will never pay anywhere close to listed price. The seller always gives a discount to avoid potential headaches.
Originally Posted By IamHarmsWay⏩
who the **** has bout 350k cash on hand tho? LMAO
Spoken like a true red. How TF do you not have that in cash at any given moment? Srs, vry srs.
post 1666885163 08-28-2022, 06:58 AM
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Originally Posted By miscbro333⏩
Wouldn’t that mean living with your parents throughout your prime years?
Yeah but it's the only way I'll ever able to become a homeowner.

If I was to move out now, I'd have to be a rentcel wouldn't be able to afford a mortgage or save for a house at the same time.
post 1666885323 08-28-2022, 07:02 AM
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Originally Posted By BrunotheBoxer⏩
Lol that you think I have bout 350k cash on hand. There’s plenty more than that brah. I got very lucky in life. Have a living trust and made some very smart financial decisions plus never had any kids. Was retired at 48. Took over a small business and sold it 4 years ago.
I own my homes outright in Naples Florida and Cape Cod and nothing I possess is financed. Hate the game bro.
I thought you were in your late 20s with the name and way you talk

Mind blown
post 1666885343 08-28-2022, 07:02 AM
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Originally Posted By tripod29⏩
I own my personal residence and several rentals that I rent to rentcels and dropped 100% cash every single time. Like mentioned above....you come in with 100% cash you will never pay anywhere close to listed price. The seller always gives a discount to avoid potential headaches.




Spoken like a true red. How TF do you not have that in cash at any given moment? Srs, vry srs.
It’s almost like poors think everyone else should be poor too. Like if I can’t have money. No one else should.
They never understand that some people do good in school. Value education. Get into a great college and actually pay attention. Then go into the workforce and work hard for a living.
I didn’t go to some shiit tier liberal arts fukstick school. I was educated by Jesuit priests to actually learn something. Ultra conservative college.
I laugh at lazy jealous fooks that will rent apartments from people like you for life. My good friend just bought a brand new McLaren in cash from rentCels.
post 1666885413 08-28-2022, 07:03 AM
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Originally Posted By Kay4Kool⏩
I thought you were in your late 20s with the name and way you talk

Mind blown
You thought wrong.
Never assume anything. It makes a ass out of you.
post 1666885423 08-28-2022, 07:03 AM
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Originally Posted By Vascularmanlet⏩
Yeah but it's the only way I'll ever able to become a homeowner.

If I was to move out now, I'd have to be a rentcel wouldn't be able to afford a mortgage or save for a house at the same time.
Do you have a deposit of over 25k and a income of over 25k ? If yes mortgage IS cheaper than renting.

I got a 2 bed flat in southampton before i brought it i was paying £425 a month rent for a room, now im paying £380 mortgage plus im renting my spare room for £440.
post 1666885513 08-28-2022, 07:05 AM
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Originally Posted By BrunotheBoxer⏩
It’s almost like poors think everyone else should be poor too. Like if I can’t have money. No one else should.
They never understand that some people do good in school. Value education. Get into a great college and actually pay attention. Then go into the workforce and work hard for a living.
I didn’t go to some shiit tier liberal arts fukstick school. I was educated by Jesuit priests to actually learn something. Ultra conservative college.
I laugh at lazy jealous fooks that will rent apartments from people like you for life. My good friend just bought a brand new McLaren in cash from rentCels.
Would read again and recommend to others.
post 1666885533 08-28-2022, 07:05 AM
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10 years of building equity while having something to live/invest money into that shouldn’t really depreciate unless you buy on an eroding cliff side or chit tier council estate

Id this really a miscers question? I thought we were better than this
post 1666885573 08-28-2022, 07:06 AM
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Originally Posted By tripod29⏩
Would read again and recommend to others.
Still on spread. I’m not very active on here. Living life.
post 1666885923 08-28-2022, 07:15 AM
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Originally Posted By BrunotheBoxer⏩
It’s almost like poors think everyone else should be poor too.Like if I can’t have money. No one else should.
They never understand that some people do good in school. Value education. Get into a great college and actually pay attention. Then go into the workforce and work hard for a living.
I didn’t go to some shiit tier liberal arts fukstick school. I was educated by Jesuit priests to actually learn something. Ultra conservative college.
I laugh at lazy jealous fooks that will rent apartments from people like you for life. My good friend just bought a brand new McLaren in cash from rentCels.
not at all. but most people arent born into money. banks arent willing to give out big loans to 35k plebcels
post 1666886423 08-28-2022, 07:26 AM
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Mortgage that you can’t afford and wait for Biden to forgive it. Profit.
post 1666886453 08-28-2022, 07:26 AM
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For the average dude, paying your principle residence in full AT ANY TIME is foolish. Assuming your mortgage rate is lower than your expected returns on investments, you will be better off financially in the long term by investing the balance instead of letting that equity sit and do nothing.

5% mortgage vs 9% return historically on S&P500. No Brainer
post 1666886513 08-28-2022, 07:28 AM
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Post deleted by user
post 1666886533 08-28-2022, 07:28 AM
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mortgage 100% of the time
***NEUTRAL CREW*** ™
post 1666886853 08-28-2022, 07:38 AM
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Originally Posted By usersignup2⏩
For the average dude, paying your principle residence in full AT ANY TIME is foolish. Assuming your mortgage rate is lower than your expected returns on investments, you will be better off financially in the long term by investing the balance instead of letting that equity sit and do nothing.

5% mortgage vs 9% return historically on S&P500. No Brainer
This

Even people who can buy things outright usually opt for a mortgage for this reason.
"One day I won't be able to lift any more. Not I won't want to lift. I mean physically unable. That day could be decades from now or it could be tomorrow. All I know is that's the day I'll wish I could lift more than ever. The day I'd give anything for one more workout, one more set, or one more cardio session. So go hard and enjoy every workout, every set, every rep. Because one day you will wake up and you will never get it back."
-SoutheastBeast1
post 1666887543 08-28-2022, 08:07 AM
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Originally Posted By nattyandweak⏩
Do you have a deposit of over 25k and a income of over 25k ? If yes mortgage IS cheaper than renting.

I got a 2 bed flat in southampton before i brought it i was paying £425 a month rent for a room, now im paying £380 mortgage plus im renting my spare room for £440.
Income yes deposit no, I only have 10k savings (yeah I know I should have more but I didn't save for years)

However because I live at home I can easily save 1k+ a month so can hit over 25k in 1-2 years.

How long is your mortgage term?
post 1666887723 08-28-2022, 08:10 AM
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Originally Posted By IamHarmsWay⏩
not at all. but most people arent born into money. banks arent willing to give out big loans to 35k plebcels
Nice try. Keep playing.

I was born and raised until I was married in Brockton Mass. Went to Brockton high school. Grew up in a 800 square foot home worth $17,000. Even my trust was earned through hard work.
No one from Brockton is born into money. It’s called hard work. Did extremely well in high school and got into a top tier college.
No one. Especially I will ever give you anything. You’ve got to take it.
post 1666887763 08-28-2022, 08:14 AM
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Get the lowest mortgage payment you can afford

You could be dead or deported if not white english before you know it srs
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