Buying a condo, a townhome, or a single-family home can seem like a huge undertaking. You don’t need to be a first-time 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 best decision for you and/or your family goals.
Top Home Buying Myths – And the Truth
- The First Step is finding the Right House – Before you head out shopping, speak with a mortgage lender to understand your financial options and how much house you can afford.
- You Can’t Buy a Condo, Townhome, or 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 with less than 20% down also.
- You Don’t Need an Agent – A real estate agent not only knows the market and can help you locate a new residence, provide an estimate home value, negotiate and also suggest solutions to common hiccups.
- New Homes Don’t Need a Home Inspection – Every condo, townhome, or single-family home should have a home inspection by a licensed inspector to check for existing or 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 is true.