There are many advantages that some homebuyers may overlook when purchasing a home with cash. Check out some of these secrets all cash buyers should be aware of during the home buying process.
No More Mortgage Payments
Paying with cash means no more mortgage payments! Paying your mortgage in full upfront allows you to focus on other expenses and avoid the stress of making a monthly mortgage payment.
Paying for a house in cash helps you have more financial freedom.
Save on Interest
Interest rates can change at any given moment. A benefit of being a cash buyer is the ability to save on interest costs.
Save on Closing Costs
Cash buyers have the power to avoid additional costs such as closing costs. Eliminating this cost could save you thousands of dollars.
Easier Process to Get a Home Equity Loan
As a cash buyer, there are less steps you have to take when applying for an equity loan. There is also a chance that you could borrow up to 80 percent of the home’s value, if needed, for renovations.
Minimal Impacts of Housing Market Changes
Many homebuyers that purchase home loans can be affected by fluctuations in the housing market. On the other hand, cash buyers have a smaller chance of being affected than someone who is making payments on their home.
Want to know more about the mortgage process for cash buyers? Contact one of our mortgage professionals today to help you get one step closer to your dream home. Click here to search for a branch near you.