Five Common Homebuying Myths

Because of some common misconceptions, many people believe homeownership is out of their reach. Don’t let these myths keep you from the personal and financial rewards of homeownership.

Myth #1
"I can’t afford a down payment."
In the past, buying a home required a 20% down payment. But not today. In fact, 7 out of 10 first-time homebuyers make a down payment of 10% or less.

Myth #2
"I have less-than-perfect credit, so I can’t get a mortgage."
A less-than-perfect credit history doesn’t have to stand in your way of reaching your homeownership goals. Thousands of individuals move beyond credit challenges into homes of their own.

Myth #3
"It’s less expensive to rent."
In fact, there’s a good chance that your monthly payments will be lower than they are right now. And unlike rental costs, your monthly principal and interest payments will stay the same for the life of a fixed-rate mortgage. Moreover, as a homeowner, you’ll be building equity in your home, which is wealth that you can use to achieve your financial goals.

Myth #4
"The whole mortgage process is long and complicated."
Find a good mortgage broker to  lead you through each step of the financing process.

Myth #5
"I won’t be able to make my monthly payments."
The goal of a lender is to help you succeed financially. Good lenders will carefully review your loan options and help you choose the loan that’s right for you. With a loan that fits your budget and your financial goals, your home will be a powerful tool in building a secure future for you and your family.