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Reply to "Buying a house with job uncertainty, better to pay cash?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]If your job is not secure, why would you buy a new house now? [/quote] Well… our jobs have never been secure. Does this mean we should never buy a house? My thinking is without a mortgage we can greatly reduce the fear that comes with a potential job loss. If we mortgage ourselves with only 20% down our total expenses are more than 10k a month. Without a mortgage we could get this down to 3-4k a month if we really had to cut back. It’s way easier to find ways to earn 3-4k than 10-15k if something happens to our jobs.[/quote] New poster. If you're unsure, maybe put 50% down, or more, so you have a small enough mortgage you feel more comfortable, but still have cash to get through 12 months without a job. Then reevaluate in a year or whenever you feel things are more stable.[/quote]
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