Mortgage brokers, mortgage agents, and mortgage lending

If you could pay five million dollars in cash for a house would you do it? I imagine there are some benefits to this as a consumer such as no house payments meaning clear ownership and no reason for the purchase not to go through. If you were to choose financing, you have to go through a lot of paperwork and wait for approval of the loan and closing before you can secure the home. As a mortgage lender or even a broker in the Aspen area this type of purchase can reduce your business. If the market is such that many consumers residing in the area or moving to the Aspen area are very wealthy, they might not find it necessary to secure a loan. This factor in itself will reduce your business. I recently read an article in The Aspen Times that shared how Aspen home buyers spend millions in cash. They have the wealth to pay in cash. If you are a mortgage broker or lender in Aspen, beware your business might see a decline in the next few weeks.