Source: The Good Men Project —
Applying For a Mortgage is Very Common
There are many reasons why as a borrower, you would want to apply for a mortgage. The most obvious is that you cannot afford to buy the house in cash and need to make installment payments on it over the next 15 to 30 years. However, even with a mortgage, real estate is one of the largest ways to build wealth.
That’s why even Real Estate Investors use mortgages. To execute the BRRRR Method of buying a house, improving the value through forced appreciation, and refinancing the original equity out, they keep their initial investment low by using a mortgage.
Even if you are not buying an investment property and could afford to buy the house in cash, there are still valid reasons to apply for a mortgage. For instance, you’ll have more cash on hand for other investment opportunities by having a mortgage.
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