William Norton Johnson

 Master Real Estate Practitioner

Mill Valley, Marin County, California

DRE# 00872562

415-608-1281

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Should I Even Have a Mortgage Loan?

Posted by William Norton Johnson

One-third of American homeowners have no mortgage at all. Many people not only have paid off their mortgages over a 30-year period of time or less, but the NAR reported that about 30 percent of buyers are purchasing homes with 100 percent cash.

 

Many of these buyers are investors, but also, many others have just saved up money, received a large sum of money, or used proceeds from one home to buy another to avoid having a mortgage.

 

Whether or not to get a mortgage loan is a very personal, individual decision, but consider the following when trying to decide:

 

  • All-cash purchases are often seen as more competitive when there are multiple offers on a home. Some all-cash offers may even receive a discount.
  • When purchasing a home with a mortgage loan, you will save thousands of dollars on loan-related closing costs.
  • No mortgage loan means no monthly mortgage payment and thousands saved on interest payments.
  • While not having interest payments can be a good thing, you also need to consider that the biggest tax advantage of home ownership is the deduction of your mortgage interest. You can still deduct your property taxes, but if you have no mortgage, you have no mortgage interest tax benefit.
  • Talk to your financial advisor to see if you could be investing your cash elsewhere that might be more profitable. Also, remember to involve your real estate agent, attorney, and CPA or tax professional in your decision-making process.
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