Information and advice for first-time homebuyers is everywhere. Unfortunately, many of the most commonly accepted truths about buying a home are either outdated or false. Here are some of the biggest myths about home buying to help you understand the facts.
It is possible to qualify for a mortgage and buy a home even with a low credit score. Luckily, credit scores are just part of what lenders consider when you apply for a loan. While a high credit score might equal lower interest rates, a low credit score does not necessarily mean rejection.
There are specific loans available for home buyers with lower credit scores. Loans provided by the Federal Housing Administration (FHA), for example, are excellent resources regardless of your financial situation.
While it's a common assumption that your down payment will always be 20% of the purchase price, the minimum requirement is often much lower. It depends on personal preference and the terms of your mortgage. Many lenders are flexible with down payment sizes but will adjust other factors like interest rates accordingly. A higher down payment often means lower rates and less money to borrow, but there are plenty of options available for those wishing to pay less up front.
One of the most important things to do before buying a home is to get pre-approval from a mortgage lender. While not always required, pre-approval benefits you in several ways. One advantage of pre-approval is that you go into your home search knowing exactly how much home you can afford. Another benefit is showing sellers you're financially responsible and less likely to back out on a sale due to lack of financing.
These are only a few common misconceptions about buying a home. While there is a wealth of helpful information and guidance for first-time homebuyers, it's always worth your time and money to do some extra research to determine what will work for you.
Buying and selling real estate isn't a do-it-yourself endeavor. You need a home pricing expert, a skilled negotiator, and someone who's been trained and inspired by the best in the business. With over 30 years of experience in both real estate and the customer service industries, Nicki truly puts her clients first.
While the Binghamton area was where she was born and raised, she knew the Capital Region was the perfect place to raise her 2 sons. Since travel sports were a large part of their lives, there isn't a town from Albany, Columbia, Greene, Rensselaer, and Saratoga Counties she isn't familiar with.
Her core values in her commitment to her clients are integrity, hard work, and specialized attention to every aspect of the home buying process. She prides herself in being an innovative thinker, coming up with creative and practical solutions for her clients. Whether you are buying your first home, ready to expand, or downsizing she would love to help you reach your real estate goals! Welcome Nicki!
