FORT LAUDERDALE, Fla., Nov. 9, 2019 /PRNewswire-PRWeb/ -- Paying cash for property has its benefits if it is a feasible option. There is no mortgage interest attached and buyers can avoid lots of feeds. However, a cash purchase will still require paying for homeowner's insurance, property taxes, and possible HOA payments depending on where the property is located.
Cash can be a strong negotiating tool. A buyer can negotiate a lower purchase price and hasten the closing process, increasing the odds of securing the home they are interested in.
Paying cash means mortgage interest cannot be deducted. Because real estate is a liquid asset, there may be money loss when it comes time to sell. Mortgages rates are generally low and they typically have small down payments that make upfront affordability much easier. Mortgage interest is tax-deductible and allows greater cash in hand to use for future costs.
Mortgage interest must be paid and it can add up. Moreover, mortgage payments can be as long as thirty years, which means thirty years of making payments. If payments are missed, it is possible to lose the home.
About Monroe Funding Corporation
Monroe Funding Corporation is a direct equity lender serving clients throughout Central and South Florida, specializing in first mortgages on non-owner occupied residential and commercial property investments as well as real estate loan options. Our fast and flexible loan programs get clients to the closing table quickly and professionally. For more information on Florida hard money lending, please call 954-816-0388 or fill out the application.
SOURCE Monroe Funding Corporation
These press releases may also interest you