How can I buy a house without getting a mortgage?

Would you like to become a homeowner? Buying a house is a huge investment with a large financial responsibility and for first time buyers, there are four different ways to become a homeowner without a traditional mortgage.

Rent to Own:

If you can't budget for a down payment or can’t apply for mortgage financing due to a poor credit score, renting to own can be a viable option.

Get Owner Financing:

On very rare occasions, the owner may be able to sell directly to you. This means they'll fund the order, and instead of paying a bank, you'll give the seller a monthly mortgage charge.

Get a Private Loan:

If your credit score is too poor to apply for a conventional mortgage, an investment loan or a peer-to-peer lender could be an option.

Pay Cash:

The final solution is the simplest: pay cash for your house. Making a cash buyer will save you money in the long run, particularly when it comes to cutting costs and interest payments on your loan. Even better, you can enjoy being debt-free and unburdened by monthly mortgage payments.


Original Source:- https://www.quora.com/How-can-I-buy-a-house-without-getting-a-mortgage/answer/Ranjit-Singh-3890

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