Buying a home can seem like a huge undertaking. You don't need to be a first tome 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 nest decision for you and your family's goals.
Top Home Buying Myths and the Truth:
--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.
--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.
--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 that offer less than 20% down payment options also.
--You Don't Need an Agent: An agent not only knows the market and can help you with value, but also customary charges, negotiations and solutions to common hiccups.
--Schools Don't Matter if You Don't Have Kids: The neighborhood is always an important factor in home valuation, regardless of whether you, yourself,
--New Homes Don't Need a Home Inspection: Every home should have an inspection performed by a licensed inspector to check for existing and potential problems.
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 on the internet is true!