What Are the Myths When Buying a Home?

 There are many myths that are believed as facts when buying  a home. As a Realtor, I hear them from you all the time. Often, these myths may have been facts at one time, but if you believe this you may never move forward in your pursuit of the American dream to own your own home.

Myth number one and proably the most commonly spread myth is the one about needing a 20% down


payment. There are many loan options now that require a much lower minimum down payment. You may or may not need to have private mortgage insurance with a lower down payment. It is important to get the facts and learn what your options are. The best way to do this is to meet with a great loan authority and get started. 

Myth number two would be finding the home you want first. While looking homes can be educational about what is on the market, it can have you getting the proverbial cart before the horse in the process of home ownership. Processes are so important. When it come to successfully purchasing a home, the steps you take are crucial. Meeting with your Realtor first sets these winning steps in place. This formats a plan, identfies what you are looking for and then planning how to get there. When I present your offer on the home you have fallen in love with, it legitimizes your offer when you have a letter from your lender stating that you are prequalified for an amount for a mortgage.  Sellers know you quite likely have the funds awailable for you to purchase their home. Very powerful, especially if there are multiple offers. 

Myth number three is waiting to buy your home until prices come down. While price growth is softer now and prices may lower abit over the next year or two, waiting carries risks too.  Trying to time the market for the perfect time to buy a home is a dart throw. Prices historically have risen. Interest rates are what they are at the time. I suggest following the process and finding out from your lender what you can qualify for in the current market of home prices and interest rates.

I could go on and on about the myths of home ownership. You don't need a home inspection, you have to get your loan from the lender who pre-approves you, a 30-year, fixed rate is always the best choice and many more.

Looking for guidance? Want to break these myths down? Let's talk about it!





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