By: Jerika P – i-Lead Realty Social Media Manager
Are you considering buying a house with cash instead of applying for a mortgage loan? Here are some pros of paying cash when buying a house, according to Rocket Mortgage.
1. Faster closing
It can take more than a month to close on a house with a mortgage. It can be finished in a week or two with cash. This dramatically reduces the amount of time you have to wait for the transaction to close because you don’t have to wait for the lender to approve, underwrite, and process your loan.
2. Easy closing process
If no unforeseen problems arise, paying with cash will also probably make the closing process a bit less difficult for you as you won’t be in charge of keeping track of all the paperwork borrowers must submit to their mortgage lenders.
3. The home is outright yours
You don’t have to be concerned about losing your home when you purchase a home outright. If you decide you need instant access to the equity in your house, you can always switch to a home loan through deferred financing. One of the biggest and most important advantages can be the assurance that you’ll always have a roof over your head.
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