Myth: My Credit has to be perfect to get approved for a home loan.
Fact: There are many factors that go into getting approval for a home loan. But in regards to credit, some lenders can work with a credit score of 620 and above.
Myth: I have to have a lot of money saved for a down payment.
Fact: There are loans available with zero money down on a home loan.
Myth: All lenders are created equal.
Fact: There are many different types of lenders with different capabilities. For example, some can finance mobile home loans, and some can’t. It’s best to get a personal recommendation from your trusted realtor based on your needs.
Myth: Realtors can’t be trusted.
Fact: Realtors are all bound by strict Rules & Ethics put in place by the National Association of Realtors that allows a Realtor to use the title, “Realtor©” and also state wide by TREC. It is a Realtor’s duty to provide honesty, integrity, advice, expertise, and due diligence.
Myth: Your only upfront cost to buy a house is the down payment.
Fact: The down payment doesn’t cover expenses associated with purchasing a home such as a home inspection, termite inspections, or closing costs.
Myth: The first step to purchasing a house is finding the right house.
Fact: It’s so important to first be pre-approved. It gives you an idea of what your price point can be. Also, it’s better to have all of your ducks in a row, so that when you do find the right home, you can immediately put in an offer, and not risk losing it.
Myth: When you’re purchasing a house and you don’t have kids, the school district doesn’t matter.
Fact: When you go to resell your home, the better the school district, the more value you will get for your home, thus, getting more of a return on your investment.