There are a few common myths we come across with new home buyers all the time. We decided to list them here to help educate and promote peace of mind with those new home buyers, maybe you! These are very common misconceptions outside of our industry, so don’t feel ashamed if you made one of these assumptions yourself. And if you’re an agent, be sure to let you clients know, our expertise not only guides home buyers through the process, it helps them feel confident in their decisions. Here’s a little heads up before you being your house hunt!
- 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 to make sure you know that when you’re ready to buy is a much more important metric. If you’ve decided it’s time to buy, your agent can help you find a home that will be a smart purchase.
- You need to put 20% down. This outdated “common knowledge” still persists in many potential home buyers’ minds. There are many options beyond the conventional mortgage that can open the door to your new home. Talk to a mortgage professional so they can walk you through government-insured loans, PMI, and their down payment assistance program options. Don’t know know any mortgage professionals, or have “that guy” at your own bank? We know plenty of folks and can give you some great options for points of contact depending on the type of loan product you need, or just to gain more general information to make the best decision to move forward.
- You only need to budget for the down payment. If your down payment is the only thing you budget for, other closing costs and move-in expenses will hit you like a train. You should budget for all the costs of buying a home, which can include inspection fees, title insurance and a home appraisal. Each transaction can have different prepaid expenses and closing fees, so it’s important to discuss with your agent what other fees will exist in the transaction for your new home.
If you are looking to buy a home and have any questions about the process, feel free to call us anytime. We also outlined the basics steps to buying a home on our Buyer page of this website, feel free to take a look. Let us know if we can help in any way!