Have you been thinking about buying a home, but something is holding you back? Let’s address some of the most common myths when it comes to home buying so you can confidently look ahead at the home-buying process.
MYTH: I have to pay off my student loans before I buy a home.
FACT: There are updated guidelines that make it easier to qualify for a mortgage with student loans.
Many factors determine your eligibility for a mortgage, and although student loans may affect the home-buying process, they don’t need to keep your dreams of being a homeowner on hold. A Wisconsin Mortgage Corp. Loan Officer can help you find home loan options that can work for you.
MYTH: I need to make a 20% downpayment.
FACT: Times have changed and there are loan programs designed with first-time home buyers in mind.
The right amount for a down payment depends on your current savings and your home-buying goals. Your Wisconsin Mortgage Corp. Loan Officer can help you look into mortgages that offer a wide range of down payment options, some as low as 3%, and select programs may offer a no money down option.
MYTH: My credit score isn’t good enough to buy a home.
FACT: Your credit score does not need to be perfect.
Knowing your credit score is important for many reasons, and it’s crucial to pay attention to where it’s at when approaching the idea of homeownership. If your credit score is on the lower end, the good news is your Wisconsin Mortgage Corp. Loan Officer will review all loan options that you may qualify for and can work with you on how to improve the scores if needed
MYTH: Buying a home is complicated
FACT: With help from a Shorewest, REALTOR® buying a home can be an enjoyable and rewarding experience
Along the way, your knowledgeable Shorewest, REALTOR® will guide you through the home buying process while offering sound advice. Using our family of companies’ resources, we can provide you with everything you need to support your home ownership. We streamline the home buying process to save you money, time and stress so you can focus on what’s important.
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Categories: First Time Home Buyers, Home Buying, Homeowner, Mortgage, Real Estate Tips, Shorewest Tips
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