Benefits of mortgage your home:

You can use the mortgage to buy a house You can get a tax deduction on the interest you pay on your mortgageYour payments are typically fixed, so you know how much you'll need to budget each monthIf you have a fixed-rate mortgage, your payments won't change if interest rates go upYou may be able to build equity in your home if the value of your home goes upYou can usually refinance your mortgage to get a lower interest rateYou can sell your home and use the proceeds from the sale to pay off your mortgage

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Drawbacks of mortgage:

If you don't make your payments, the lender can foreclose on your homeYou'll need to pay private mortgage insurance (PMI) if you put less than 20% down on your homeMortgage interest rates can go up over time, which will increase your monthly paymentYou may not be able to sell your home if you can't find a buyer who is willing to pay off your mortgageYou'll have to pay property taxes on your homeYou'll need to budget for repairs and maintenance on your homeYour mortgage payments could go up if you have an adjustable-rate mortgage (ARM)

If you're considering taking out a mortgage, be sure to weigh the pros and cons carefully. Mortgage loans can be a great way to finance a home, but they're not right for everyone. Speak with a financial advisor or loan officer to learn more about whether a mortgage is right for you READ MORE