Buying a home is a huge commitment and one which should be considered carefully before undertaking. Not only are you committing to years of the mortgage, but you are also putting down roots in a community for some period of time. As more and more Millennials consider the pros and cons of buying their first home, they are often confronted with a barrage of information containing half-truths and outright lies. Here are 2 common myths which cause my potential buyers to hold off buying a home.
 

Myth #1 – You have to have a 20% down payment. 

While it’s true that most 0% down loans have disappeared after the mortgage meltdown last decade, it’s also true that there are some very attractive loan options which do not require a 20% down payment. Although loans with less than an 80% loan-to-value do require private mortgage insurance, which add cost to the monthly payment, there are many options available with a lower down payment; many lenders offer conventional loans with as little as 5-10% needed for the down payment.

Myth #2 – You need great credit

While it is certainly helpful to have a great credit, there are loan programs available for buyers will lower scores. If you have any concerns that your credit score might be too low, talk to your mortgage broker about your options, and what type of lenders may be available to you.

The main point is that buying a home is a great investment in your future, both financially and personally. Before you assume you aren’t ready to buy a home, talk with a lender and learn your options. Don’t let these myths keep you from a new home. 

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Buyer Tip!


Curious what inspections you’ll need? Here are the most common inspections I see…



  • General Home Inspection, the whole home should be examined to make sure all is good. The basics, like the roof, foundation, plumbing, electrical system and everything else that makes a house a home, will all be covered in a home inspection.
  • Radon Inspection, A radon inspection will check on the levels of radon in the air. If radon is present and is a concern, you can negotiate with the seller to have a radon remediation system installed to get the home to safe levels and keep them there!
  • Pest/Insect Inspection, if the home your purchasing is infested with some type of pest or insect…trust me you’re going to want to know about that.
  • WETT (Wood Energy Technology Transfer) Inspection, if the home has a wood burning fireplace or stove, you're going to want one of these. In fact, you most likely will need one to insure your home. These inspections will be able to insure that these appliances are burning in a way that won't compromise your health and safety. You want to make sure they are running optimally and are generally in good condition.


While these are some of the most common Residential Real Estate inspections, I always recommend you speak with your representative about what inspections you should get for the specific property you are planning on purchasing. There are no 2 homes alike, so we always have to do our due diligence!


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