New Home Purchase, Cash or Mortgage, Advice Needed!

[torres9]

I have taken up a new job! We will need to sell our home and will be purchasing a new one! We are fortunate to have built up significant equity in our current home. We could potentially buy a new home without a mortgage. On the other hand mortgage rates are at record lows!

I am trying to decide what is the best way to go. I know there are a lot of financially smart people on this forum and was hoping to get some advice.

torres9

 

[harley]

I have taken up a new job! We will need to sell our home and will be purchasing a new one! We are fortunate to have built up significant equity in our current home. We could potentially buy a new home without a mortgage. On the other hand mortgage rates are at record lows!

I am trying to decide what is the best way to go. I know there are a lot of financially smart people on this forum and was hoping to get some advice.

torres9

You will get some advice, guaranteed. And it will be all over the place. Since I'm first, I say go with the mortgage. Make sure it's an amount you can pay off whenever you want to, but arbing these low rates into the (in my SWAG) high rate future will be a winning proposition. So one on the mortgage side.

 

[Bestwifeever]

Congrats on the new job. Don't count on the equity in your home until you actually sell it. Only then would I decide on whether to pay cash or get a mortgage for my next house.

 

[REWahoo]

My advice is choose whatever option lets you sleep better at night. There are advantages to taking either course.