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Politics : Formerly About Advanced Micro Devices
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To: SteveC who wrote (105580)4/15/2000 2:35:00 AM
From: Joe NYC  Read Replies (1) of 1573902
 
Steve,

I'm also in a different situation than probably many others, I want to buy a house this year. I actually might be able to buy one for cash thanks to AMD

It may be a good feeling not to have a mortgage, but look at it this way: Uncle Sam + your state will pay you up to half of your interest payments in form of tax savings.

I don't know what the current rates are, but let's assume your mortgage rate would be 7%, and your tax savings would reduce it to 4%. That's a good rate. It's almost the rate of inflation. So every year, your payment is less in real money.

If you almost have enough to pay cash, I would still borrow the maximum allowed to be below the "jumbo" category (I think it used to be around $260,000. This way you will be in the best position to shop for the best rate / terms of the loan.

Joe
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