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Rates are up today. Today’s rates with no lender fees are 3.625% APR on a 30 year, 2.875% APR on a 15 year and 2.875% APR on a 10 year. (click here for details)

Have you ever wondered if you should pay cash for your new home? Don’t really want that 30 year mortgage looming above your head?
Well before you grab that couple hundred grand from under your mattress, there are a few pros and cons to paying all cash on your new home.
Check it out in today’s video:

The first and most obvious pro is that you won’t have monthly payments that normally come along with taking out a mortgage.
And the other is your not paying any interest to borrow money either.
Now it’s always a good idea to invest what you would have been paying monthly on a mortgage, into some type of money market account.
SO on top of saving money, now you’re investing to accrue wealth at the same time… BUT and it’s a BIG BUT don’t forget to have the title checked even if your paying all cash. You need to make sure you have a clear title on the house other wise you might end up buying a cool house that comes with someone else’s mortgage.
Now the question is – Does it really make sense to pay all-cash for you next house? Or is it a better to use your money wisely and take out a low rate and low cost mortgage? Can you guess what my opinion is? Well it’s simple math my friends. Here are two things to consider.
1. If you can borrow cheap ass money like you can today and invest your money and make more than the interest you are borrowing, BORROW.
2. If the cost to borrower money is high and you can’t invest your money to cover that interest,whip it out and PAY CASH.
Well, I hope that helped those of you that have 500 grand in assets with no debt and are currently looking to buy a home! As for the rest of you, borrow smart and don’t be oversold!
If you thought this was good information or worth discussing, help me bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.
Let’s change the way people shop for a mortgageā€¦forever!
– Mike
PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below.

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