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 buy 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.