There are a lot of myths out there about buying a house. People seem to think that it’s something only wealthy people can do or that you need to have perfect credit to get a mortgage. In this blog post, we’re going to debunk some of those myths and give you the real scoop on what you need to know to buy a home.
You might be a senior looking into different reverse-mortgage pros and cons or a new buyer looking for mortgage information, and we shed some light on that too.
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Myth 1: You need a 20% down payment to buy a house
This is one of the most common myths about buying a house. The truth is, you don’t need a 20% down payment to buy a home–you can get a mortgage with as little as five percent down. However, if you’re looking for a lower interest rate, you will usually need to put more money down.
People used to think that you needed to pay 20% of the price of the house to buy it. But that’s not true! The interest rate might differ depending on how much money you put down, but you can still buy a house without 20% down.
Myth 2: A pre-approval letter from a bank is the only way to get a mortgage
Another common myth is that you need a pre-approval letter from a bank to get a mortgage. While it is true that most banks will require a pre-approval letter, there are other ways to get a mortgage.
You can go through a credit union or even get a government-backed loan. There are plenty of options out there, so don’t feel like you’re limited to just one way of getting a mortgage.
There are a few different ways to get a mortgage without a pre-approval letter. You can go through a credit union or get a government-backed loan. There are also a few private lenders who will give you a mortgage without a pre-approval letter. It might be a little bit harder to get a loan from them, but it’s definitely possible.
Myth 3: You have to live in the house you’re buying
This is another common myth about buying a house. The truth is, you don’t have to live in the house you’re buying. You can buy it as an investment property or use it as a vacation home.
There are many different reasons why someone might want to buy a house without living in it. If you’re not sure if this is something that would work for you, talk to your mortgage lender, and they can help you figure out the details.
You don’t have to live in the house you’re buying–you can use it as an investment property or a vacation home. Talk to your mortgage lender if you’re not sure if this is something that would work for you.
Myth 4: It’s better to wait until the market crashes to buy a home
This is one of the biggest myths about buying a house. The truth is, it’s not necessarily better to wait for the market to crash before buying a home. In fact, waiting could end up costing you more in the long run.
If you’re thinking about buying a house, it’s best to talk to a mortgage lender and see what your options are. They can help you figure out if now is the right time for you to buy or if you should wait for the market to stabilize.
Buying a house isn’t always about timing the market–sometimes, it just comes down to finding the right property at the right price. If you’re thinking about buying a house, talk to a mortgage lender and see what your options are. They can help you figure out if now is the right time for you to buy or if you should wait for the market to stabilize.
Myth 5: You can’t buy a house if you have bad credit
This is another common myth about buying a house. The truth is, you can buy a house even if you have bad credit. There are plenty of programs out there that can help you get financing, even if your credit isn’t perfect. Talk to your mortgage lender, and they can help you figure out what options are available to you.
You can buy a house even if you have bad credit. There are plenty of programs out there that can help you get financing, even if your credit isn’t perfect.
