Why get A Mortgage?

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There are many reasons to get a mortgage. Mortgages are a very powerful tool that you can use to your advantage. With a Mortgage, you can purchase a home which maybe otherwise out of reach financially for you. In the economy we live in now, it is rare to run into anyone who has the liquid funds to outright purchase a home or if they do, want to. A mortgage can also be used to consolidate other liabilities. Mortgage rates are currently the lowest they have been for years. You can cash out a loan and pay off any existing liabilities which have a higher rate than your mortgage. Instead of having high interest auto loans or a high interest student loan, you can cash out and pay it all at once with your mortgage at a lower rate. A mortgage converts a highly illiquid asset (real estate) into a highly liquid asset (cash). Even if you are free and clear, have no debts and are financially sound, a mortgage can free up cash flow.

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