Myths about Real Estate: Debunked

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.  

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