Asset based mortgage (7.5% interest rate)

[Skylar Mcgee]

Got pre-approved for an asset based mortgage with a 7.5% interest rate. I’m currently unemployed due to Covid but have inherited a large savings account from a passing family member. I’m sick of throwing my money away on rent and want to buy my first home. Also my lender requires a 25% down payment. I will refinance into another loan with better interest rates when I find a new job.

Is this worth doing? I feel like anything is better than renting and wasting money.