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Ormond By the Sea Florida Consumer FAQ Post #5
Ormond By the Sea Florida Consumer FAQ Post #5Should we get a mortgage or should we pay cash?Cash is king!  If you are in a position where you are able to pay cash that would be the best option.  Ormond By The Sea Florida sellers usually like offers better because there will be fewer possibilities that the deal will not close and closings can usually get done more quickly if there is no financing involved.
There is no doubt that paying cash for real estate makes the sale easier and less costly for the buyer. With no bank involvement there is a lot less paperwork and fees. Closing cost for a bank financed purchase will generally run 3% or more of the sales price  while closing costs for a cash buyer will usually be under $200.00.
If you pay cash you can always get a mortgage after you own the property if you decide you need the cash for something else. You could also  get an equity line of credit on your current home whereby you could write a check for the money you need and not be making  any payments until you actually use the line of credit.  
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