Owning a home is a major lifelong goal for most people, but this is an extremely large purchase. Not surprisingly, many people are extremely intimidated by this investment, and as a result, they may be likely to believe a couple of common myths about buying a house. After dispelling these common myths, you will have a better understanding of what to expect when you buy your first house.
Myth: You Need To Have Perfect Credit To Buy A House
It is no secret that obtaining financing for a house can be extremely difficult and stressful. Unfortunately, some people are under the impression that it is impossible to be approved for financing if they have any blemishes on their credit histories. Luckily, this does not have to be the case, and there are ways for people with weak credit to still be able to purchase a home.
One possible option for those with weak credit are government backed financing programs. There is a multitude of these programs on both the national and local level. Loans that are administered through these programs are insured by the government, and this can make it far easier to be approved. However, the requirements for these programs will vary greatly, and you will need to research each one to determine which option is best suited for your needs.
Myth: It Is Expensive To Hire A Real Estate Agent
A real estate agent can drastically reduce the amount of work you will need to do to purchase a home. Unfortunately, some people may attempt to avoid using these professionals because they assume they will be extremely expensive to hire. Luckily, this is not the case, and working with a real estate agent will not cost you anything out of pocket.
These professionals work on a commission basis, and as a result they are paid by the person selling the house. This fee is a set percentage of the final selling price of the home, and when the home is sold, this percentage is automatically set aside to be transferred from the seller to the agent. By not working with a real estate agent, you are only adding more work for yourself without saving any money.
Buying a home does not have to be an overwhelming experience. Unfortunately, many people let a couple of myths make this entire process more difficult than it needs to be. After learning the truth behind these two home buying myths, you may have a stronger knowledge of what to expect during this major purchase.Share