The homebuying process is complicated. To make matters worse, there are a ton of misconceptions out there that can throw a home buyer off even more.
A couple of examples?
You need a 20% down payment: myth.
You should pay off debts like student loans first: myth.
If you are thinking of buying a home, don’t believe everything you hear. Steer clear of these home-buying misconceptions:
Myth: The lowest rate is best.
A low mortgage interest rate can make homebuying more affordable. But other factors matter, too: the length of your loan, whether it’s a fixed or an adjustable rate, and the loan product you’re choosing.
Myth: The mortgage is your only monthly payment.
Buying a house is more than the mortgage payment. You’ll be paying for maintenance, utilities, homeowners insurance and in most cases HOA dues. It’s essential to have a complete picture of the costs before making your decisions.
Myth: Your finances aren’t good enough.
Do you think your credit score is too low or your debt is too high? Are you worried that your income or savings aren’t enough? These requirements vary widely from one loan product to the next. Whether you are purchasing your first home or your twenty first, a knowledgeable mortgage planner can help you determine what is the best loan for your needs and financial standing.
Need help with your real estate journey? Reach out to me today. I keep my office open 7 days a week for your convenience, and I’m looking forward to helping you achieve your real estate goals.Laura Harbison, ABR, AHWD, BPOR, BS, CDPE, CRS, DRB, GRI, PSA, RSPS, SRES
Broker/Owner REALTY EXECUTIVES SOUTHERN NEVADA PROPERTIES
License Numbers B.0026537LLC PM.0164922.BKR