How to avoid having to pay a mortgage on your house
The best way to avoid paying a mortgage is to buy your home with cash, but that doesn’t mean you can’t have a mortgage.
Here’s how to avoid a mortgage by not paying cash and buying your home from a financial adviser.
The best way for a buyer to avoid getting a mortgage for their home, according to a recent study, is to pay cash upfront.
The study, by the American Society of Mortgage Professionals, analyzed nearly 15,000 homeowners who had purchased their homes in the past three years and had an initial mortgage payment of $2,500 or less.
The average loan amount paid was $1,500.
The group also looked at how many people had been evicted in the preceding 12 months.
It found that nearly one-third of those homeowners had lost their homes because of foreclosure.
The average loan payment was $2.50 per month.
The APA’s study found that the majority of homeowners were able to get a mortgage at the same rate they would pay a loan on the market today.
However, the APA notes that some of the homeowners it surveyed also had lower incomes and higher balances than they did when they first bought the home.
That’s because most of the homes they bought in recent years were in lower-income areas.
The experts say the study does not necessarily mean that a homebuyer should simply pay cash.
In some cases, cash is not even necessary.
For example, the average monthly payment for a first-time buyer with no other income is less than $1.50, the study said.
The buyers who were able at least to pay off their mortgage in full with cash had a median home value of $3,800.
The median home values of homeowners who did not have a first mortgage were $3.4 million, the group found.