Should you be buying a house with cash, or is it better to get a mortgage?
ADVANTAGES:
Easy to get offer accepted.
Fast transaction (favorable to the seller).
No appraisal or loan contingencies are required which will lengthen the sale if you’re getting a mortgage.
No Credit check required.
DISADVANTAGES
You could use all of your money to make a purchase - but no cushion for repairs or emergencies.
You can't diversity or leverage your money for other investing
Your Money is tied up and not liquid...but you could get a home equity loan,HELOC or reverse mortgage if fast cash is needed.
ALTERNATIVE to using all of your cash?
Your money could be diversified into other investments - stocks, mutual funds or a business opportunity.
Buy multiple houses or multi-unit building. Everything from a duplex to an apartment building.
Another option is to buy the home for cash and then finance it after recording - takes advantage of your cash position to make the purchase, then gets your cash back when you get a mortgage.
Before you make any decisions about using all cash for a purchase, talk to your financial consultants, CPA or attorney to satisfy yourself that you are making the right decision.
Presented by: John Alesi - REALTOR - 949-510-2154
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Search the MLS HOMES FOR SALE IN MISSION VIEJO http://www.ochomeandcondosearch.com/map/searchid/17444277/
Call Your Local Mission Viejo Real Estate Professional today at: 949-510-2154
John Alesi - REALTOR® CENTURY 21 Award
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CalBRE 01730187