So many fallacies about homebuying are floating around out there. Some of them prevent people from even trying to buy a home. Don’t believe the hype: Know the facts and give us a call. Read the myth and then the fact below!

Myth #1 - You need a 20% down payment to buy a home.

Not always! Many first-time buyers can get a loan with only 3% down, and some loans require no cash down. On average, first-time buyers put down 10% of the home’s sales price.1 We have a lot of options for first-time homebuyers including home buyer grants!

Myth #2 - You need excellent credit to buy a home.

The minimum FICO score for an FHA loan is 500, and for a conventional loan it’s generally 620. Your income and savings can sometimes act as a counterbalance for poor credit. We can help get you where you need to be.

Myth #3 - Renting is cheaper than buying.

Truth is, for most Americans, it’s not! Owning a home is more affordable than renting in nearly two-thirds of the country.2 Despite the surge in home prices, recent data shows that homeownership remains affordable for average workers across the majority of the U.S.3 We can help you compare the two costs.

Myth #4 - It’s not a good time to buy.

Buying a home is both a personal choice and a financial one. If your current home is no longer suiting your needs and you’re ready to buy, then don’t let market conditions dissuade you from your goals. Right now inventory is low but so are the rates! Let us help get you a new mortgage or even refinance your existing mortgage with these historic low rates.

Myth #5 - You need to find the right home before applying for a mortgage.

Your home search should always begin with finding out what you can afford and the type of financing options available to you. This will help ensure you are shopping at the right price point. We can help you review your short and long-term homeownership goals.

Whether you’re just thinking of buying your first home, saving for a down payment, planning on refinancing, or preparing to move up, give us a call at 708-364-2525 to speak with a Mortgage Specialist or fill out our short home financing contact form. We will bust through the myths and help you with your home financing options!
 
[1] National Association of Realtors
[2] ATTOM Data Solutions, 2021 Rental Affordability Report.
[3] ATTOM Data Solutions, Q1 2021 U.S. Home Affordability Report.
 

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