Can You Purchase A Home in Full?

Question

If there's a home on the market and you want to buy the house in full cash, will the mortgage company allow you to do that? I mean the whole point of a mortgage is to make money off the buyer with interest and the time it takes to pay it off and if you pay in full there's no profit.

Answer 1

Of course you can do it!

When you make an offer on the house, you can indicate right away that it will be "all cash."

Even if you are making a "normal" offer indicating that you will get financing, you can still "change your mind" at the last minute and buy for cash.

When you buy a property, the mortgage of the current owner must be paid off. It doesn't matter how it's paid off. It can be done by your new mortgage or your cash.  

Answer 2

If you have the money to buy the home outright, you will not go through a mortgage company. The mortgage company is who the buyer would get a loan from. If you don't need a loan than you don't need a mortgage company.  

Answer 3

If the house is for sale and you want to pay cash for the entire asking price, there would be no mortgage company involved. You'd go through the broker and make the payment directly to the sellers.