Myth Busting with Summer House
Telling myths from reality can be difficult for home buyers. We are constantly flooded with advice from others, but bad advice is still bad advice no matter the intention. Below, we have compiled several common myths associated with home buying in hopes it makes finding your dream home a little bit easier.
Myth: You have to have a 20% downpayment to buy a home.
Reality: There’s no denying that putting 20% down comes with its benefits, smaller loan size, lower monthly payments, and no private mortgage insurance, but that’s not the only way to buy a home. On average, first time home buyers put down an average of 13%. Depending on the loan you apply for and your personal financial situation, you can put down as low as 3%.
Myth: I can get pre-approved after I’ve found my dream home.
Reality: Sure, you can get pre-approved after finding your dream home, but there’s no guarantee it will be there after. Getting pre-approved is considered one of the first steps in the home buying process. After approval, you will receive an estimate of interest rates, closing costs, monthly payments, and the maximum amount you were approved for. This not only helps you know what you will be able to buy, but lets real estate agents and sellers know you are serious about buying. In some cases, you can only see a home after you’ve been approved.
Myth: There’s no need for an inspection if the house looks great.
Reality: Looks aren’t everything, especially when it comes to homes. An inspector will help you find hidden problems you would never find with the naked eye. Having the inspection report gives you leverage as well. If there are problems associated with the house, you can ask the seller to fix the problems or renegotiate the asking price. If the inspection report comes back all clear, you will have the peace of mind knowing your dream home is safe.
Myth: I can buy my dream home without a real estate agent.
Reality: It’s true, you may not need an agent, but there are a number of benefits of using one. They can help you save time on your home search, handle the negotiations, and so much more. If cost is a deterrent, the agents are typically paid by the seller. The agents are your market expert and are here to help you love where you live.
Are you in the process of buying a new home, or need help selling an existing home? At Summer House Realty we are experts in all aspects of the buying and selling process. Our agents are some of the top agents in the market and will always work on behalf of your best interest. Click the button below to get started!