Your Local Real Estate Expert with Coldwell Banker Hearthside Realtors

Should I pay cash for a home or should I get a mortgage?

Generally the answer is to get a mortgage, so you can save some cash for a rainy day! However, there would be circumstances where paying cash would be advisable. One instance is if you are on a fixed income and don’t want to worry about having large monthly expenditures. Another instance may be that your income would not qualify for any mortgage. Self-employed or extremely low income buyers may fall into this category. Before you do pay cash for a property, make certain that it is a good location and that you would not need to sell quickly. Remember you have all your assets tied up in the home. If the home had to sell quickly, there is a possibility that you could get less than you paid resulting in a poor investment. Consult a realtor and/or real estate attorney before jumping into this one.