You’re ready to make the transition from renting to buying, but who should you believe when it comes to buying a home? With so many myths about first-time home buying swirling around, some prospective home buyers wait years to take the plunge out of fear. What are the truths behind the most common first-time home buying myths?
Myth: Start By Looking for a House
If you are considering purchasing a home, you should always start by determining what your budget is. Many first-time buyers browse the market first, get their hearts set on a home that they think is in their price range and then realize that they can afford much less than they initially realized. Your first step should always be examining what type of financing you are qualified for and taking steps to repair your credit if necessary.
Myth: You Need a 20% Down Payment
A 20% down payment is excellent, especially if you don’t want to need to purchase private mortgage insurance. However, many lenders will offer you a home loan with as little as 3%, 3.5%, 5% or 10% down, providing that you are willing to pay a monthly fee for PMI. There are also many different options for down payment assistance. Work with the professionals at the Okeke Team to learn more about what you’re qualified for.
Myth: The Asking Price Is Carved in Stone
Just like the price on the car in the lot at the dealership isn’t necessarily the price you will end up paying, the asking price for many homes isn’t carved in stone. If you have good credit, mortgage pre-approval and a down payment, many sellers are happy to negotiate instead of waiting for another buyer or a less-qualified buyer to appear. A home inspection that identifies issues with the property can also help to lower the asking price.
Myth: You Can DIY Home Buying
In the age of the internet, where everything seems like it’s only a Google search away, some first-time buyers are tempted to try the home buying process without the help of a real estate agent. However, the expertise that real estate agents have is invaluable. The Okeke Team brings negotiation skills, excellent searching power and plenty of knowledge to the table. We can walk you through every step of the purchasing process with ease, and we have access to homes that are not yet on the market and in-depth knowledge of your financing options.
Partner with the Okeke Team
Whether you’re a first-time home buyer or looking to sell your home, the Okeke Team of Tristar Realty, Inc. is here to help. We specialize in turning your home dreams into reality. To get the buying or selling process started, or just to learn more about what your property might be worth, contact us today by calling (443) 825-0023.