The home buying process can be a stressful experience, especially for first-time home buyers. Let’s take a look at some common home buying myths.
A 30-year mortgage is always the best deal. Not necessarily, while monthly payments may be lower. The longer the fixed rate mortgage, the higher your interest rate and interest payments will be, so explore and compare all options available.
You need a 20% down payment to buy a home. Not true; many financing programs are available, and some require down payments as little as 3.5 percent.
Read Also: Common Listing Agreement Clauses
Appraisers set the value of a home is also not true. The homeowner, with the advice of their realtor, sets the home’s market price. The appraiser’s role is to produce a credible opinion of value which reflects the current market for the lender.
You need perfect credit to buy a home, while a perfect credit score would be ideal. Keep in mind that acceptable credit scores range from 500 to 850, with the majority falling between 600 to 700. Lenders consider many factors before they approve a loan.
Have other real estate questions? Get them answered by working closely with a professional realtor to guide you through the home buying.
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One of the reasons to call the Agardi Team if you want to buy a home or have one to sell is:
Not only do we sell our clients’ homes for more money and faster than the average area agent, but your home is also more likely to sell. According to 2015 MLS statistics, only 71% of area homes sold during their listing term. Compare that to our 95% of homes listed that sold before the end of the listing term. YOUR HOME SOLD GUARANTEED OR WE’LL BUY IT*
To discuss the sale of your home, call The Agardi Team at 718-755-2882 and start packing!
*Agardi Team and the seller have to agree on the price and the closing date.
