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03-23-2009, 03:20 AM
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if i build my own house, do i have to pay...
...mortgage? i want to buy a peice of property that doesnt have a house on it. i want to build my own house with my money, no loans. i know it will be a slow process this way but i dont want a loan. so would i have to pay mortgage even though i built the house?
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03-23-2009, 06:58 AM
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If you didn't take out a loan, then there IS no mortgage. You're saying you're going to buy all the materials build entirely yourself or pay others to build, plumb, install electric, get inspected, etc. ENTIRELY in cash with NO loans? Then no, you wouldn't have a mortgage provided you own the property and the property was also purchased in cash (no loan). If there's a loan in there anywhere, then yes, of course you'll be paying a loan.Not to sound sophomoric. But if I'm understanding your question correctly, then this is how I'd answer it.You do, on the other hand, have to pay taxes whether there's a mortgage or not. So figure those in to your monthly expenses.
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03-23-2009, 06:59 AM
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do I have to take out a mortgage
if you do not take out money using your home as collateral than no note = no mortgage.
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03-23-2009, 06:59 AM
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A mortgage is just a kind of loan. If you just use your own money, you won't have a mortgage.
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