paying all cash

[scaredyclassic]

some places are cheap enough i could pay all cash. how difficult is the process of getting a mortgage on a place you own outright?

[recordsclerk]

I did a cash out 30 fixed refi with SDCU and was able to get 70% LTV. It did take a couple of months to finally close and about an extra week after that to get access to the cash.

[recordsclerk]

I did a cash out 30 fixed refi with SDCU and was able to get 70% LTV. It did take a couple of months to finally close and about an extra week after that to get access to the cash.

[recordsclerk]

I did a cash out 30 fixed refi with SDCU and was able to get 70% LTV. It did take a couple of months to finally close and about an extra week after that to get access to the cash.

[recordsclerk]

I did a cash out 30 fixed refi with SDCU and was able to get 70% LTV. It did take a couple of months to finally close and about an extra week after that to get access to the cash.

[recordsclerk]

I did a cash out 30 fixed refi with SDCU and was able to get 70% LTV. It did take a couple of months to finally close and about an extra week after that to get access to the cash.

[EconProf]

Strangely enough, banks will lend at a higher loan-to-value rate for buyers than they will the same guy who owns the property free and clear. In their infinite wisdom, they somehow think the buyer is a better risk than the (relatively) higher net worth guy who already owns the house. This works against those investors who can buy a fixer-upper super cheap, rehab it, then get a new loan on it, then repeat.

[EconProf]

Strangely enough, banks will lend at a higher loan-to-value rate for buyers than they will the same guy who owns the property free and clear. In their infinite wisdom, they somehow think the buyer is a better risk than the (relatively) higher net worth guy who already owns the house. This works against those investors who can buy a fixer-upper super cheap, rehab it, then get a new loan on it, then repeat.

[EconProf]

Strangely enough, banks will lend at a higher loan-to-value rate for buyers than they will the same guy who owns the property free and clear. In their infinite wisdom, they somehow think the buyer is a better risk than the (relatively) higher net worth guy who already owns the house. This works against those investors who can buy a fixer-upper super cheap, rehab it, then get a new loan on it, then repeat.

[EconProf]

Strangely enough, banks will lend at a higher loan-to-value rate for buyers than they will the same guy who owns the property free and clear. In their infinite wisdom, they somehow think the buyer is a better risk than the (relatively) higher net worth guy who already owns the house. This works against those investors who can buy a fixer-upper super cheap, rehab it, then get a new loan on it, then repeat.

[EconProf]

Strangely enough, banks will lend at a higher loan-to-value rate for buyers than they will the same guy who owns the property free and clear. In their infinite wisdom, they somehow think the buyer is a better risk than the (relatively) higher net worth guy who already owns the house. This works against those investors who can buy a fixer-upper super cheap, rehab it, then get a new loan on it, then repeat.

[jeeman]

EconProf,

That makes total sense. The guy wanting to buy needs a loan because he wants to make a house purchase, which most people can’t do without a mortgage.

The high net-worth individual who owns a house outright wants a loan to do what? Gamble the money? Throw into the stock market? What exactly is that guy going to do with that money, if he already is well-to-do? It seems riskier to me.

Jeeman

[jeeman]

EconProf,

That makes total sense. The guy wanting to buy needs a loan because he wants to make a house purchase, which most people can’t do without a mortgage.

The high net-worth individual who owns a house outright wants a loan to do what? Gamble the money? Throw into the stock market? What exactly is that guy going to do with that money, if he already is well-to-do? It seems riskier to me.

Jeeman

[jeeman]

EconProf,

That makes total sense. The guy wanting to buy needs a loan because he wants to make a house purchase, which most people can’t do without a mortgage.

The high net-worth individual who owns a house outright wants a loan to do what? Gamble the money? Throw into the stock market? What exactly is that guy going to do with that money, if he already is well-to-do? It seems riskier to me.

Jeeman

[jeeman]

EconProf,

That makes total sense. The guy wanting to buy needs a loan because he wants to make a house purchase, which most people can’t do without a mortgage.

The high net-worth individual who owns a house outright wants a loan to do what? Gamble the money? Throw into the stock market? What exactly is that guy going to do with that money, if he already is well-to-do? It seems riskier to me.

Jeeman

[Author]

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