4 Home Buying Myths BUSTED!

Dated: March 9 2022

Views: 175

First step is to start looking at houses right away. - BUSTED!  First and foremost, it’s so important to learn about the home buying process. There’s a lot of legal documents you’ll be signing and things you don’t see on HGTV that you need to become familiar with. Find a trustworthy (and funny ๐Ÿ˜‰) Realtor who has lots of experience working with buyers, ask for their recommendations for a dependable and honest mortgage broker, and begin the process there. Educate and prepare yourself for success!

 

New homes are always better. - BUSTED!  In all actuality, old homes usually have good/better bones. Sometimes, new homes are built quickly and cheaply, and the systems and structures don’t necessarily stand the test of time. 

 

Your only upfront cost is your 5% / 10% / 15% / 20% down payment.  - BUSTED!  Don’t forget, you will also incur closing costs like legal fees, land transfer taxes, title insurance and other disbursements, as well as deposits to set up new utility accounts. You’ll also need to keep in mind your moving costs, a small budget for new furniture to fill your new larger space, and things that are essential to homeownership like tools, lawn care and snow removal items, etc. 

 

Go with the lender who offers you the lowest rate.  - Classic bad advice from your uncle who bought and sold a house back in 1972.. but also BUSTED!  Lower rates don’t always translate to the best savings at the end of the day. If you need to break your mortgage term early for any reason, you could face big penalties.. or perhaps you’ve come into some money (big lottery win๐Ÿ’ฐ?) Having prepayment privileges are also very important. Another important question: Will this be considered a collateral loan? Or a traditional mortgage? The answer to this question could greatly affect all of the above noted expenses/costs. 

There’s a lot of myths out there but I’m happy to bust them and help put YOU on the right road to homeownership! 

Thinking about buying in the next few months? Have questions about the process? Want to read over a free copy of my Home Buyers guide? Or just want to chat about what's happening in the real estate market these days? I'm always available to chat!

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