The mortgage might be a band-aid for a more impressive problem. If you want that loan because you’re behind on utilities or require crisis vehicle fix, then borrowing is merely a short-term fix.
Con 3: Tying your cash up in loan repayments
Finally, there’s “opportunity cost” – the attention you spend is cash you can’t make use of for any other goals that are financial such as for example building a crisis investment or saving for retirement.