If you are off on a new home purchase journey, particularly if you are buying your first home, you should be aware of the following myths many home buyers really believe are true!
Each of the three myths in this article are widely thought to be true, but if you talk to anyone who has been in the real estate business for a long while, we can truly tell you that these three things just are not true about your upcoming home purchase.
Here are the top myths we can clear up for you before you start house hunting.
It’s the wrong time to buy.Interest rates may rise and fall, the local market may shift throughout the seasons, but ultimately it’s important that you know that when you are ready to buy is a much more important metric. If you have decided it’s time to buy, we can help you find a house that will be a smart purchase no matter the market.
You need to put 20% down.This outdated “common knowledge” still persists and many potential home buyers’ minds. The reality is though, you have options beyond the conventional mortgage that can open plenty of doors. Talk with a mortgage professional to find out more about these options and have a discussion about government-insured loans, PMI, and down payment assistance program options.
You only need to budget for the down payment.If your down payment is the only thing you have budget for, closing costs and move-in expenses may hit you like a train. Before you start looking at homes, be sure that you have budgeted for all the costs associated with buying a house.
Keep each of these common misconceptions in mind when you start looking for a home. And keep in mind that our team is always available for answering questions and discussing your options with you as you start your home search.
If you are interested in starting to look for homes, you can see what types of homes are available on the market by setting up a home search or reach out now to talk to one of our expert home buying agents.