Common Misconceptions People Have About The Home Buying Process
If you’re considering buying a new home, but are on the fence due to a few myths you’ve heard – we’re here to debunk them for you. These are some common misconceptions people have when looking to buy a home:
- Find the Home First
Although this might make sense, this is false. It’s not the best idea to look at a house before getting pre-approved for a home. If you get pre-approved first, you’re avoiding breaking your own heart and setting your mind on something you can’t afford. By getting pre-approved for a loan BEFORE looking for a home, you’re walking into the process with a budget in mind, and your realtor can work with you to find something you are able to love AND afford.
- The Longer the Mortgage, The Better Shape You’re In
This also is a lie. Many people believe 30-year fixed-rate loans are the best options out there. While this might seem like a cheaper route to go, 30 years is a long time. In fact, you might end up paying more money in the long run. Make sure to consult with mortgage professionals, and keep an open mind towards other loans. We will help find the perfect loan for you to help suit your financial needs.
- You Can’t Buy A House With Bad Credit
FALSE AGAIN! FHA loans require only 3.5% down payment and borrowers with low credit scores (even under 600) can qualify for this loan. Make sure to consult with our loan team to see if this is the best option for you.
- You Don’t Need A Home Inspection
Cutting corners is never a good idea – especially when you’re investing a large sum of money into what you’re buying. Go the extra step and have your house inspected. When you waive you your home inspection, you are agreeing to take the house as is. This means any issues with the septic take, electrical problems, or other hidden fees that can sneak up on you down the road. Avoid spending more money and have the house inspected – you’ll thank yourself later.
When you’re ready to make the move to buy a home, give one of our trained professionals a call. We are more than happy to debunk any myths or concerns you may have and help you find the perfect loan that best suits your needs.