Sydney Thrower

Your Home . My Priority .

FIVE HOME BUYING MYTHS DEBUNKED!

Finally ready to make the transition into home ownership? That's awesome, and in this exciting time you can be turning to friends and family for an insight into the process. However, there seems to be a circulation of misinformation spreading around, so we're here to clear up a few myths. 

1. THE FIRST STEP IS SEARCHING FOR A HOME. You know the saying, "Don't put the cart before the horse," well that's important to remember when it comes to buying a home. You don't want to start looking for a house until you have gotten to talk with a lender and discuss what you qualify for. If you fall in love with a house that's $250,000 and come to find out you're only qualified for $200,000 you can get your hopes crushed and waste a lot of time. Don't start the process on the wrong foot.

2. YOU DON'T NEED A REAL ESTATE AGENT. When buying a home, 99% of the time the buyer's agent gets paid by the sellers. That random 1% can be for odd circumstances. So you're getting to use the services of a real estate agent for free. Having a real estate agent on your side means you'll get to see homes that aren't as readily available on public searches, you avoid outdated listings and scammers (there are lots of them), and you have protection when it comes to navigating the legalities of contracts and buying a home. Why wouldn't you want an awesome negotiator working to ensure you get the best from the transaction? For FREE!

3. YOU CAN'T BUY A HOME WITH BAD CREDIT. Fortunately for some, this is a myth. Lenders and banks come by the hundreds of thousands and all though there are a few loan options. Get in touch with an agent to help you connect with the right lender who can help you potentially approved. There is a lot of factors that go into approvals, but your credit doesn't have to be a sore thumb during the process.

4. YOUR DOWN PAYMENT HAS TO BE 20%. Think you have to sell an arm and a leg to buy a home? Not at all! There are a lot of programs that can potentially help you with down payment assistance or be 0% down mortgage. If you qualify, this can take a big chunk off the amount of cash you have to bring to the closing table. 

5. DOWN PAYMENTS ARE THE ONLY UPFRONT COST. This is one of the biggest misconceptions. There is a lot of costs that goes into buying a home, and that includes upfront costs. If you are getting a mortgage, the home will have to appraise. Aside from your down payment, you then have to pay for an inspection on the home, appraisal for your lender, a downpayment (if your lender/loan type requires one), and closing costs. And NO, they are not the same thing. In certain markets, some of these costs can be negotiated for sellers to cover, but whether that decision is smart to do or not when it comes to landing your dream home will need to be discussed with your agent.

 

My Listings

Search all my property listings