There are a lot of moving parts and things to consider when buying a house. We get a lot of questions about the process so were going to break down some of the myths we hear about buying a house.
1. 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?
2. I have to pay my agent to find me a house. When you buy a house, the sellers agent pays the buyers agent. So, as a buyer, there is no cost to you to work with an agent. But if you dont find a really good agent that has strong negotiating skills, it could cost you in other ways that may surprise you.
3. You need perfect credit and zero debt. This is only minimally true. You dont need perfect credit and of course the less debt you have the better. But all things will be considered. Youll 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. Thats why its best to talk to a professional.
4. 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.
5. Its cheaper to rent than own. There are very few times when this is a better option. If youre going to be in one place for less than a year, its probably a better idea. Other than that, youre investment in home buying will almost always be returned in some way.
Hopefully this helps clear some of the myths up about buying a house. Were always here so help so dont hesitate to ask us anything! It matters who you work with to guide you along the way!