YOUR NEXT STEP, WITH CONFIDENCE
Five Homebuying Myths Worth Rechecking
Separate common assumptions from the financing, representation, and ownership costs that apply to you.
Updated November 1, 2026 · Originally published 2020-02-03
Advice from a past transaction may not fit your finances or today’s agreement. Before acting on a familiar rule, ask what it means in your circumstances. These five assumptions are worth discussing early with your agent and lender.
1. You must put twenty percent down
Some loan programs permit a smaller down payment, but eligibility, insurance, fees, and total costs vary. Compare written options with a lender and preserve money for closing, moving, maintenance, and emergencies. A smaller down payment does not mean the purchase requires no cash.
2. A buyer’s agent always costs the buyer nothing
Compensation depends on your representation agreement and the transaction’s negotiated terms. Review services, payment obligations, and any requested seller contribution before committing. Compensation is negotiable, and another party’s contribution should not be assumed.
3. You need perfect credit and no debt
Lenders evaluate multiple factors under the requirements of the loan being considered. Ask a qualified lender to review your position instead of deciding from a credit-score headline. An initial qualification also does not guarantee final approval for every property or contract.
4. Owning is always better than renting
Compare your expected time in the home, total ownership costs, savings, maintenance capacity, and flexibility needs. Transaction expenses and changing circumstances can matter as much as the monthly payment. A purchase should fit your life rather than a universal claim that ownership always produces a financial gain.
5. There is one perfect time to buy
Market conditions matter, but so do your readiness and the available homes that meet your needs. Review current evidence and your own budget. An NSR agent can help organize the search and purchase process while you evaluate the tradeoffs. Waiting or proceeding should be a deliberate choice, not a response to pressure or a promise about future prices.