The home buying process can be an overwhelming one and for most first time home buyers, intimidating. There are a whole lot of myths out that have and continue to elevate unduly, the apprehension that prospective first-time home buyers harbour. These myths largely tend to be from friends, loved ones or some other read materials. If you are considering purchasing a home for the very first time, what you should know is that it is very possible and we will do the honours today of busting certain dangerous (if you believe them) myth that may have held you captive.

1. You must make a down payment of 20% to get a conventional home loan

It used to be true a long time ago nonetheless that some lenders, before approving a mortgage would require the buyer to make payment of 20% of a home’s price up front. Things are completely different now and the reality on the ground even today is that out of 10 first-time home buyers, 7 make a down payment of 5% or less. Better still, offers may exempt first-time homebuyers from making any down payments (though certain conditions and restrictions apply)

2. You can skip the home inspection

Wherever this myth originated from, it simply is poor advice. The importance of a home inspection cannot be overstated when purchasing a home. Any house, even if it is new is likely to have some one or two quirks inconspicuous to the naked eye and an inspector can help you make sure that your home is in the right condition before you move in.  If there are too many issues for your liking, you may opt to walk away but how would you know there are issues without an inspection?

3. You need a high-enough credit rating

Your credit score is important when buying a home but you do not need to have a perfect credit rating to give you the chance of qualifying for a mortgage. Even with credit challenges, by working hand in hand with creditors and taking the steps necessary to shore up your credit score, there is no way your credit history will stand in your way of becoming a homeowner. As a matter of fact, there are plenty mortgage companies and numerous products offered that have assisted thousands of people soar above the their credit challenges to be able to own a home.

4. The school district within which your home is located matters little

You may be wondering why at all you should pay attention to the school district where your potential home will be located. Well, if anything at all, whether or not you have children, good schools are indicators that your neighbourhood is likely to be a safe one, which furthermore puts you in a very favourable position should you wish to sell your home in the future. The point here is that the location of your home is very crucial to your welfare and you shouldn’t disregard that fact no matter what.

Are you a first-time home buyer ready to start scouring for the best homes? Well, you have every right to get excited with the process and by all means are at liberty to receive advice from loved ones but be sure to be wary as some of the advice is likely to be mere opinions. If you have any concerns or questions concerning what or what not to believe when purchasing your first home in Forest Beach, reach out to The Pattisall Group, where our team is more than friendly and ever ready to assist you today.