Home Buying Myths

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The 9 Most Common Home Buying Myths

Buying a home is simple right? Wrong. There are many steps to the home buying process. To add to the difficulty of navigating the home buying waters, there are many commonly believed myths about the process. Read through this today so you won’t be caught off guard during your home buying experience.

1. Start the home buying process by looking for a house – Many people believe the first thing you need to do is find a house you want to buy. In reality you need to speak with a mortgage lender to find out how much money you can be approved for and how much house you can afford.

2. A traditional 30 year fixed rate mortgage is your best option – There are many times when this type of mortgage is ideal, but there are also many times when another loan option would be a better fit. Adjustable rate mortgages are good options if you only plan on staying in your house for a short time. And, 15-year mortgages allow you to payoff your house faster, with paying less interest. …show more content…
You can’t buy until you have a 20% down payment – Yes, a 20% down payment is the standard, but that doesn’t mean you cannot obtain a mortgage with less. Some lenders will give traditional loans (depending on your situation) for a smaller down payment. There are also FHA loans available that require as little as 3.5% down payment.

4. The down payment is the only cash you need – There are many fees included with your closing costs that homebuyers are not familiar with. It is a safe bet to plan on spending between 3 to 6% of the sales price of the house on the closing costs.

5 You have to have stellar credit – You want to have good credit when purchasing a house so you can take advantage of lower interest rates and easy approval. However, don’t assume that you cannot get approved for a loan with a low credit

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