We get a lot of questions about the process so we’re going to break down some of the myths we hear about buying a house. There are a lot of moving parts and things to consider when buying a house.
- You need perfect credit and zero debt. This is only minimally true. You don’t need perfect credit and of course the less debt you have the better. But all things will be considered. You’ll want to talk to a mortgage professional to help you figure out where you stand. Things on your credit may not matter like you think they do. That’s why it’s best to talk to a professional.
- I have to pay my agent to find me a house. When you buy a house, the seller’s agent pays the buyer’s agent. So, as a buyer, there is no cost to you to work with an agent. But if you don’t find a really good agent that has strong negotiating skills, it could cost you in other ways that may surprise you.
- It’s cheaper to rent than own. There are very few times when this is a better option. If you’re going to be in one place for less than a year, it’s probably a better idea. Other than that, your investment in home buying will almost always be returned in some way.
- Now is a ‘Bad’ time to buy. There is never a bad time to buy. When houses are priced according to market value, they will sell. People are always moving, downsizing, upgrading and relocating.
- You have to save 20% to put down toward a house. This is so false. Nowadays, there are programs available that require minimum down payments like 0-3.5% That sounds much more doable than 20% right?
It matters who you work with to guide you along the way! Hopefully this helps clear some of the myths up about buying a house. We’re always here so help so don’t hesitate to ask us anything!