First Time Home Buyer Myths

First Time Home Buyer Myths

Many people are afraid to be first time homes buyers. Most of these fears are nothing more than common misconceptions and myths that surround buying your first home.

1) I can't afford it. Well, I have heard this a time or two. The truth is owning your own home can be cheaper than renting! If you can afford to rent a place, you can afford to own your own home. Rent is ever increasing, but buying a home, your payments are a fixed amount. Meet with a lender and stay with in your means and what makes you comfortable, and let your money work for you. Buying your home is an investment and gives you great capital for the future.

2) I do not have 20% to put down. That is another very common misconception. Most people do not have that kind of money laying around, and that's why your real estate agent should direct you to a lender. They can show you all of your options for purchasing a home, including the ability to only put 3.5% down on your first home! On top of this, you should always as if there are assistance programs out there. You would be surprised how much money goes unclaimed, that money could help you buy your first home. Also, once you own that first home and then go to sell, that equity can be rolled over into your new home for a larger down payment and who knows maybe smaller payments for a better place.

3) Nothing out there is what I want, or its not perfect. Well, yes, any homebuyer will tell you, "there is no such thing as perfect." The only way around this would be to build your own home. Most people see the shows on TV and think, yeah I'm going to wait until I can find that perfect place, but the truth is, its rare that someone finds a home that checks off every box on their list. The best thing about being a first time buyer is, you probably don't even know what you want. So keep an open mind. More than likely you only think you know what you will like.

4) I know nothing about the mortgage process, so I shouldn't buy. False, most people know very little about the mortgage process, that's why you turn to experienced professionals to help you along the way. There are tons of resources and people who will walk you through on your way to homeownership. Make sure you are working with someone you feel you can trust and has your best interests in mind.

5) Buying a home is a money pit. Rarely if ever is this the case. Most homes are wise investments toward a better future. They give you not only equity that builds up over time, but can help build your credit score too. Homes are long term investments, most people do not buy them to make a quick buck. The long term benefits far exceed that of renting.

6) I have so much student debt, no one will approve me for a mortgage. This is typically not the case, the over all debt does not affect the amount you would qualify for on a mortgage. The monthly payment on those debts is what mortgage companies are looking at. If you make X amount of money, but your total monthly debts are only 25% of that, then a mortgage company would look at the fact, you have 75% of your monthly income available. Sitting down with a lender who will show you exactly what you are looking at is the best way to analyze each persons situation.

Over all, home buying isn't as bad as  first time homebuyers assume.

For more information on homes, mortgages or to find your first time home, contact me at 727-642-7455.

Rick Blake Headshot
Phone: 727-244-7596
Dated: October 24th 2016
Views: 136
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