When you are considering making a move from renting an apartment or home to owning a home or condo, it can be very stressful and overwhelming. So much information is available, but which info is good, bad, true or false? This is why it is important to work with a trusted real estate agent to help answer all your questions.
Let’s take a peek at a few myths that many potential home owners think are deal killers.
You need to make a 20% down payment when purchasing a home.
No, you do not need to make a 20% down payment. There are many home loan programs that do not require a large down payment, only a small percentage. You may also check in with local and state agencies that offer loans and grants. You don’t even have to be a first time buyer!
Your credit score must be perfect to purchase a home.
If you have a good credit score, it makes the home buying process easier, but it is not a necessity. Your credit score and payment history will be a big part in the approval process, however, there are loans that may be available if your credit score is lower.
When you buy a home, you take on debt.
When you purchase a home, you do take on a 20-30 year loan, but additional monetary payments each year can knock time off the end of your loan. You also gain equity, which can be used as an asset if needed.
Relocation is not an option.
It is always recommended to stay in your home for at least 3 years to increase investment potential, but in a strong real estate market, many home owners can sell their quickly if needed.
Let our team help you decide if now is a good time to become a home buyer. The Keith Albrecht Team has years of experience working with home buyers and sellers and would be happy to answer your questions, guide you to an experienced lender and assist you with your search too. Give us a call at 317-580-9955 or check us out at https://www.keithshomes.com/