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Are You Falling for These Homebuying Myths?

Maybe you’re a first-time homebuyer, or maybe you’ve been around the block more than once. (See what we did there?) Regardless, you may be operating off some homebuying myths that could derail your next home search. Have you heard these?

Myth #1: A 30-year fixed mortgage is always best.

Fact: Maybe you’d rather have a higher monthly payment and pay your loan off sooner, or maybe an adjustable rate mortgage (ARM) better suits your needs. Talk to a lender about all your options before deciding.

Myth #2: You can’t buy a home if you have student loan debt or less-than-perfect credit.

Fact: If your monthly student loan payment doesn’t impact your ability to pay your monthly mortgage, then the total amount of the loan isn’t a factor. And while better credit may get you a lower interest rate, there are loan options to meet most buyers’ needs.

Myth #3: All houses for sale are listed online.

Fact: Sometimes sellers want to maintain their privacy or not draw attention to the fact that their house is on the market. In these cases, having a real estate agent working for you can give you access to properties you wouldn’t find on your own!

Need more help on separating homebuying fact from fiction? Reach out to us today!


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