My wife and I are preparing to purchase our forever home.  We will have the funds to pay the mortgage off in 90 days.  We would for someone to please share the pros and cons of this.  We do not like to pay interest on a loan that we have the funds to pay the mortgage off.  Some people have told us that we can use the home as a tax break when filling our taxes.  We see no benefit in this. 

3 REPLIES

@TommyJr1, those are some great questions! Please call one of our licensed loan officers at 800-531-8722 and we can go over all of your concerns. 

Tommy' CALLING or in addition to CALLING USAA. Please DO as I suggested. USAA will also be jumping through hoops to compete WITH OTHER banks...
USAA SOUNDS GOOD. But they are not as Great as they say OR WHAT YOU HEAR ABOUT OR SEE ON TV. READ SOME of the USAA Comments and then you can make up your own mind...Good Luck My Friend...
SFC LD Sutton U.S. Army (ret.)
Tommy if you and your wife are buying your FIRST EVER (OR) LAST FOREVER HOME, and you plan to have it paid off in 90 days or less, I would suggest you (FIRST) Check with your local banks. If you go to two, or three, or four different banks. They will be fighting to offer you the best rates as far as, ninety day interest rate. The best insurance rate and so on. Make sure you look around and find the home you want and have it inspected by a licensed appraiser. Have it inspected for plumbing, electrical, and the attic to make sure there is no rotting or water damage. Have the roof inspected and if it has just been reroofed ask if the roof was a reroof or if the old roofing was taken off, before it was redone. And lastly have the basement (and) (or) foundation checked for cracking or setteling....If you do all of these things you will be much happier with your new home buy...Good Luck House Hunting. Lyle Sutton
Concrete and Construction Contractor (ret.)