Reasons to Buy All Cash
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Robert Bruss’ latest of many recommendations for low down payments and high mortgage balances (“Consumer Notebook,” Jan 11) makes him sound like my local mortgage salesman.
Bruss refuses to admit the fact that taking a high mortgage instead of paying all cash for a house is a really good deal for the loan company, not for the buyer.
If you have all cash, taking a mortgage pays off only if you can invest the cash in a safe investment with enough profit to make the mortgage payments.
Also, Bruss says nothing about the immense satisfaction of having the home paid off and not having to worry about losing it if you can’t make the payments.
MILES SCHOFIELD
Tarzana
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