Some people tend to believe in things that are not verified and these things get in the way of what you want to do. For example, there are certain things and beliefs in home ownership that are not actually true. If you believe them then it can prevent you from becoming a homeowner. Let us present the 5 Home Ownership Myths that You Should Know.
Myth #1: Renting Costs Less Money
Young people will just realize that owning a home is better when they become older. Ask people in their golden years and they will tell you how glad they are to become a homeowner. Homeownership provides you with tax write-offs, no rent increases, security, and equity growth. Renting might be less in the short term but when you compute it long-term it does make a big difference. [Related: “Top 10 Reasons to Become a Homeowner“]
Myth #2: Homeownership Requires you to Pay 20% Downpayment Minimum
A very typical home ownership myth once again. Downpayment need not be an issue towards homeownership. The average downpayment on homes purchase for first time home buyers is actually around 6%. Today, FHA requires 3.5% down and conventional requires just around 3%. There might be other costs that will add up to your down payment but many lenders like those of our partners that offer assistance to you.
Myth #3: Perfect Credit is Needed
Another of the many home ownership myths that scare many first-time home buyers. Can anyone even achieve a perfect credit? The higher your credit score indeed helps you get more perks and lower costs of home acquisition but perfect credit is not required. Remember that even if your credit score is below 700, there are still many loans available to you.
Myth #4: I Cannot Afford a Home
Why can’t you afford a loan? If you can’t whoever told you about that? You will never know the answer not unless you consulted an expert that really cares about you. Call us and we can direct you to our partners who can then direct you to the right direction. Remember that you can’t reach a goal unless you know what the goal is. We can even get you pre-approved.
Myth #5: Now is Not the Right Time to Buy
If now is not the right time to buy, then when is? If you want to be stable and secure then you should consider buying a home. Start doing something about it now. Find out more information and find a caring and great real estate professional. We can refer you to some of the best. There are many nuances in buying a home and first-time homebuyers do not consider them. Let us help you. [Related: “Now is the Best Time to Buy a Home“]
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