Many individuals consider entering the home-buying process but often need help with common misconceptions.
1. The belief that you must come up with at least a 20% down payment to buy a home.
In reality, various loan programs offer lower down payment options, enabling more people to embark on home ownership sooner, build equity, and enjoy the benefits of owning a home.
2. Another myth is that renting is more cost-effective than owning a home.
Owning a home can provide financial stability, potential tax advantages, and the opportunity to build wealth through property appreciation.
3. Interest rates are consistently on the rise.
In reality, interest rates fluctuate, and today’s rates are still historically low. Securing a mortgage now can lock in favorable terms and save money on interest in the long run. It’s a wise step toward achieving home ownership goals.