Considering all things, is it better to pay for a home in full (no loan) or to take out a loan for a mortgage?
I have a condo that I bought for $ 223,500 about 1-1/2 years ago. I initially had a 30-year loan of about $ 123,500. Considering the tax benefits for interest deductions versus added costs for interest payments, is it better (from a financial perspective) to continue my monthly mortgage payments OR to buy the condo in full with money from my mutual funds?
no credit history? I have no debt at all and never have. I’ve always saved up and paid cash for everything including cars. I have owned two homes in the past but my name was not on the mortgage, only the title (Ex-wife had good credit and we got a better rate that way). Any ideas, especially in this economy? I make an above average salary, have a 20% downpayment ready, and have an above average amount in savings (IRA, Mutual Funds, etc…).