Myth: Low mortgage rates mean you need to buy a home ASAP.
Truth: Rates are low, but don’t let that rush you into a decision you’re not quite ready for. Consider the flip side: Low rates have pushed home prices up more than 19%. Translation? You could end up overpaying for a home just because rates are low.
Myth: IF you find a house you like, THEN you can worry about a mortgage.
Truth: Nope. Not true. In this market, you’ve got to have your financing locked up if you want a chance at nabbing the home you love. Offers are flying around so fast you simply don’t have time to make an offer without a pre-approval.
Myth: You need piles of cash lying around to buy a house.
Truth: The average buyer put down just 12% in 2021. For first-time buyers, the average was closer to 7%. So while you do need to have your finances in order and a steady job, there are more options available out there than just the 20% down myth.
Other real estate rumors got you scratching your head? Reach out and let us set the record straight!
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