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November
29
29
Real Estate Myths You Shouldn't Believe
When you're buying a home, you're subjected to a variety of tips and recommendations from your friends and family. Unfortunately, our real estate agents know that much of the real estate tidbits floating around are myths.
Prospective homeowners believe these myths, potentially interfering with their dreams of homeownership. Here are a few common real estate myths we want to debunk.
- Myth 1: You Can't Buy a Home Unless You Have a Ton of Cash
This myth is usually offered by well-intentioned individuals, but it simply isn't true. It can also delay your dreams of homeownership because you mistakenly believe you need to spend as little money as possible so that you can save a lot of cash. With an FHA mortgage, you can purchase a home with a down payment as low as 3.5 percent of the home's purchase price. Even conventional mortgages offer a down payment as low as 5 percent of the home's price, also, if you are a veteran, you may be eligible for a 100% home mortgage!
- Myth 2: Your First Move is to Find a Home You Love
Before you start browsing Bradenton homes for sale, work with a lender to get pre-approved for a home mortgage. Your lender will request information about your income and assets, along with your credit history, to determine how much you can borrow. You don't want to find a home that checks off everything on your wishlist, only to learn that it costs more than your lender will approve you for. Most sellers also prefer homebuyers who have proof that they're pre-approved for a mortgage (especially in a competitive market).
- Myth 3: You Can't Buy a Home Unless Your Credit is Perfect
It's possible to purchase a home even if your credit is less than perfect. There are mortgages specifically designed for individuals who have some deficiencies in their credit histories. While you can still buy a home with mediocre credit, it's best to improve your credit as much as possible before applying for a mortgage. The better your credit score, the lower your interest rate. This can save you thousands of dollars over the life of your mortgage.
- Myth 4: A Lender Won't Approve a Mortgage That You Can't Afford
When deciding how much to potentially loan you, your lender uses lending guidelines concerning how much debt a borrower should have. For example, conventional wisdom states that your home expenses (including your mortgage, taxes, and insurance) shouldn't exceed 36 percent of your gross income. All your debt payments, including your mortgage, shouldn't be more than 43 percent of your gross income. However, this guideline doesn't consider your other expenses and your individual goals. If you spend a lot on travel, school tuition, daycare, or an expensive hobby, this will impact the mortgage amount that you can comfortably pay. Don't assume that a lender understands your entire financial situation. Instead, look at your budget and spending habits to get a more accurate idea of an affordable mortgage payment.
- Myth 5: You Really Don't Need a Real Estate Agent
Before you start looking at Sarasota homes for sale, find a real estate agent to help you find your ideal home. Real estate agents have access to more available homes than the general public. They also have extensive knowledge of the buying process and can help salvage a deal if problems arise. A great real estate agent can save you a lot of time and money when you're buying a home.
Ready to start searching for your next home? Contact us today!
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