Some people see that getting a house can be an investment, dream, or just unrealistic. They’ve made up a whole bunch of things that may just not be true. These myths can be what stops people from getting a new home, upgrading, or selling. Let’s go through some unheard of home buying myths that are getting plastered around these days.
A House Requires A Substantial Down Payment
It used to be commonplace to put 20% down on the house but today that isn’t the case. Some loan programs require as little as 3.5% down before buying a home. For a house that 300k then your downpayment can be around 10k.
There are even programs where veterans can get a house that requires a 0% downpayment. Now that’s not substantial at all is it? The point is, down payments can be flexible, you have to find the % that is affordable.
Renting Is More Affordable
Suprise, this isn’t true. Most mortgage payments end up being cheaper than rent would be at a complex. Your rent is going to help someone else pay their mortgage while you can be investing by paying your mortgage.
Something else to factor in is that mortgages are predictable and don’t go up in price. Rent isn’t like that, and a landlord can raise their prices on you. If you’re looking for stability then renting isn’t the best option for you
It’s Hard To Get Approved For A Mortgage
It used to be, but thanks to technology applying for a mortgage is easier than ever. Some people have jobs where they find out if you qualify for mortgages, you don’t have to do the work anymore.
Millennials Only Rent
You may find this surprising but millennials are motivated by wanting ownership of a house. To them, it symbolizes responsibility and independence which is the next step in their adult lives. Remember now, the youngest millennial is 22, which means every year more and more of young homebuyers enter the market.
I Have Too Many Loans Already
Your other loans shouldn’t stop you in the process of buying a home. As long as you have the income that proves you can afford to make a mortgage payment, then lenders won’t care. All you need is the desire to own a house then you’ll make plans on how to afford one while paying off loans.
Buying A Home Is Just For Families
Not anymore, these days sole and non-married couple home ownership is on the rise. People are starting to not care about creating that white picket fence family life. Some people even report they are buying a house with someone they aren’t related to at all.
If you’re having a thought that you can’t buy a home because of “blank” reason, then it’s most likely another myth. Home ownership isn’t a walk in the park, but it also is by no means impossible. If you have an income and the desire to own a home, then don’t let a silly myth slow you down.