Because if you make good money and always have a source of funds for emergencies then you can use the money immediately if you have enough for a down payment on another property or put it in a high yield savings account or treasuries for a low risk return with good liquidity.

Rocket Mortgage (my current lender) quoted me $100,000 for a 20-year loan at a 9% interest rate, resulting in a monthly payment of around $1,000.

Our customers typically get a 30 year fixed mortgage with a 20-25% down payment.

(Tenants not paying on time, keeping track of payments ect..)There isn't just one problem.

Many late payments" is never grounds for eviction. 

Right now my debt is sitting at around 154k (8k outstanding interest payments). 

They would have been responsible for issuing and recording the mortgage satisfaction after they received payment.

Refinance offers a lower rate, longer term and a lower payment.

You'll want to talk to a local probate attorney to see how much time that could take.If the squatter is not making mortgage payments, you've got perhaps another month or two before the lender begins foreclosure proceedings.In your situation, I would approach the squatter to see inside the property to assess the condition.

They do, however, have up to 60 days to return a security deposit after a tenant moves out.If an eviction is necessary for nonpayment, landlords are required to send a seven-day written notice of the payment due.