Buying a home with cash or mortgage?

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    • #375913
      Anonymous
      Inactive

      Okay, here is my situation.
      I have a rather large settlement coming to me and I’m thinking of buying a home with the money. It will be my first home purchase.
      I’ve had a few people tell me that it is best just to pay for the home in full and get a home equity line of credit in case I need money later on and others who say I should pay towards the home with a large down payment and finance the rest in order to get a bigger home.
      For instance, I could buy a $ 200,000 home outright and then obtain an equity line of 80-90% of the value of the home for emergency purposes.
      OR
      I could get a mortgage (I’m approved at $ 150k) and add the $ 200k as a down payment towards a larger, more expensive home costing around $ 350k.

      Which makes more sense? I’ve been juggling the options for weeks now and cannot decide what to do!

      Thank you in advance!



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