Home Buying Myths

Buying a home can be a real challenge, with all the advice you will get from friends and family. So many factors have to be considered, most often, it will leave your head spinning. How do you separate fact from fiction? Here are some common home buying myths.

Owning a Home is More Expensive than Renting

Sometimes, owning a home can be as affordable as renting, depending on the market. Plus, there are tax advantages to owning a home. Renting costs can increase with time, however, fixed mortgages don’t. If you go for a fixed-rate mortgage, you will have a consistent monthly payment for the life-span of the loan. In addition, the equity in your home increases as you continue to make the payments. Generally, owning a home may be a great way to increase your wealth because the prices of homes increase over time.

The Mortgage Process is Lengthy

This can be true if you don’t have an experienced loan officer to guide you through the home buying experience. A person who knows what he is doing will review the whole process of home financing, help you find the right financing options, and help you understand the process and address your concerns. This will make the whole process simple and easy and will be done in a short span of time.

Real Estate Agents are not Necessary

This can be a big mistake. Yes, real estate agents’ commissions can cost money, but in the long run, using one will be beneficial. They know everything about buying and selling and they are the best people who can take you to the right place and make the deals. So, if you are thinking of going house hunting alone, think again.

You Need Perfect Credit

Yes, your credit score will affect your mortgage and your interest rate, but your credit score does not have to be perfect. Any credit score between 500 and 700 will help you get the home loan. But, remember make sure your credit report is accurate when you apply for your loan.

These are just five home-buying myths you can think about when considering purchasing a home. Make a sound decision and you will not regret it.

This article is by ActiveAdultLiving.com® the active adult communities website you can consider for your home.