It’s common for both first-time homebuyers and experienced homeowners to feel overwhelmed by the process of purchasing a house. Plus, myths and misconceptions often make the experience even more confusing.
Myths like: Renting is cheaper than buying. You need a credit score of 700 to get a mortgage. You shouldn’t buy in a seller’s market. Have you come across any of these?
If you’re thinking of buying in the next year, don’t let these misleading ideas deter you from your goals.
Myth #1
You need a certain credit score. While mortgage programs do have credit score minimums, you’d be surprised at how low those go. Just know that your score may also affect the interest rate and terms of the mortgage. If you would like tips on how to improve your score or want to know if your credit score is high enough, reach out to us. We have GREAT mortgage agents to refer you to.
Myth #2
You should only buy during certain seasons or under certain market conditions. Whether it’s a Buyer’s market or a Seller’s market, doesn’t determine whether you should buy a house. As long as you choose a home you can afford and one that will grow in value, it’s still a smart long-term investment.
Myth #3
It’s cheaper to rent than buy. Home prices have been rising lately, but rents have jumped
significantly, too. Since homeownership allows you to build equity and wealth over time, it’s important to crunch the numbers before assuming you’re better off renting.
Myth #4
You should get a mortgage from your bank. Your bank should definitely be on the list, but
don’t limit your shopping to just them. We recommend working with a mortgage agent that can get you the best mortgage for you.
Have questions about buying or selling a home? Get in touch today.