Homebuying Myths
Buying a home can seem like a huge undertaking. You don’t need to be a first-time home buyer to find the process overwhelming. There is so much information available, how can you tell what’s true and what’s a myth? Understanding the difference can help you make the best decision for you and your family's goals.
Top Home Buying Myths – And the Truth
• The First Step Is Finding The Right House - Before you head out shopping, speak with a lender to understand your financial options and how much house you can afford.
• You Can’t Buy A Home Without Perfect Credit - The truth is there are many loans available which still offer good interest rates for those without that perfect score.
• You Need 20% Down Payment - First time homebuyers can use FHA financing for as low as 3.5% down. There are other programs too, such as VA & USDA (0% down) and some conventional loans with 3% - 20% down also.
• You Don’t Need An Agent - An agent not only knows the market and can help you with value, but also customary charges, negotiations and solutions to common hiccups.
• Schools Don’t Matter If You Don’t Have Kids - The neighborhood is always important to home values, regardless of whether you yourself have children.
• New Homes Don’t Need A Home Inspection - Every home should have a home inspection by a licensed inspector to check for existing or potential problems.
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