Mortgage myths debunked

MYTH: Low mortgage rates mean you need to buy a home ASAP. Truth: When rates are low, 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 the rates are low.

MYTH: IF you find a house you like, THEN you can worry about financing/a mortgage. Truth: Not true. In this market, you’ve got to have your financing in order if you want a chance at snatching the home you love. You simply aren't competitive against other buyers if you don’t 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 be financially sound and have a steady job, the 20% down payment myth is just that…a myth

Talk to your lender to see what options you qualify for.

Other real estate rumors got you scratching your head? Reach out and let me set the record straight. I can’t wait to connect with you!

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