Most first-time homebuyers use a mortgage to finance their home purchase. In fact, only 30 percent of U.S. home purchases in 2021 were paid entirely with cash.1 But understanding how mortgages work and what type will work best for you can be challenging.
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1. Katy, Lily. "Share of Homes Bought With All Cash Hits 30% for First Time Since 2014." Redfin. July 15, 2021. www.redfin.com/news.