How much lower will the closing costs be on a house without loans?
The method in which you pay for a house has nothing to do with the closing cost. This will remain the same. Now if you are getting a mortgage loan you will be required to pay points and fees to the mortgage lender in which you obtained your mortgage. Why would you pay that much cash for a house? The way to do this is a mortgage loan.There are many tax advantages you may take on your federal income tax. If you put $50,000 down on a house you would have $200,000 in the bank for your use in any way you so desire. I would put less down if I qualified for a mortgage loan that required less down. You will be equity rich and money poor. I suggest you have a chat with your accountant or CPA to find out the advantages and disadvantages of paying all cash as oppose to getting a mortgage. I hope this has been of some use to you, good luck.
