Top Home Buying Myths ... and the truth
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 goals.
Myth #1: 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.
Myth #2: 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.
Myth #3: You Need 20% Down Payment
First time home buyers can use FHA financing for as low as 3.5% down. There are other programs too, such as VA and some conventional loans with less than 20% down also. USDA and some first-time homebuyer programs offer 100% financing. These are just a few examples of what a knowledgeable lender can do for you, and we have names of some local lenders that we'd love to share with you!
Myth #4: You Don’t Need an Agent
It's true you don't have to hire an agent to buy or sell a home, but especially if you're a buyer, it can be the best deal in town! An agent not only knows the market and can help you with value, but also customary charges, negotiations and solutions to common hiccups. In a typical brokerage scenario, the seller pays the commission that is shared between the two agents.
Myth #5: 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, including new construction. Talk to your agent and make sure the builder's timeline is well established for completing an independent inspection prior to closing.
Buying a home is one of the most important financial decisions you’re likely to make in your lifetime. Take the time you need to understand the process and learn from the professionals; don’t assume that everything you read is true.
Want to know more about getting started on the right foot as a home buyer? Give us a call at 888-61-TRIAD (that's 888-618-7423). We live here ... we work here ... we're here for you!