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5 August, 00:26

Why must most people get a mortgage to buy a home?

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Answers (2)
  1. 5 August, 01:55
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    A mortgage allows the potential homeowner the chance to spread the payments out over a period of several years. The average mortgage loan is 30 years. Obviously the number one reason for a mortgage is because the person buying the home does not have the money to pay cash and must borrow the money over time from a mortgage company which will be paid back with interest. Anyone having 100,000 dollars cash (median price for a house, depending on the location), would not need to borrow the money.
  2. 5 August, 04:07
    0
    Because most persons don't have that kind of cash up front and also to build credit.
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