5 Most Common Myths About Buying Your First Home

Myth 1:  “I need a down payment of 15% -20% or more.”

With today’s flexible credit guidelines and various programs it’s easier than ever to achieve the dream of homeownership with minimum down payment.  Down payments can range from 3% -5% and half the time even 0%.

Myth 2:  “I have less-than-perfect credit, so I can’t get a mortgage.”

Thanks to advances in technology and changes in credit guidelines you no longer need “perfect credit” and unless you know what your median FICO score and how to interpret what it means then you truly don’t know if you have less-than-perfect-credit.  Many times people have better credit than they believe. Take that first important step towards a more secure future…get prequalified at Fairland Mortgage. At least then you’ll know where your stand!

Myth 3:  “It’s less expensive to rent.”

There’s a good chance that your monthly payments will be about the same as what you pay now and in some cases even lower. And unlike your monthly rental payments, your monthly principal and interest payments will stay the same for the life of a fixed-rate mortgage. Also, the value of your home goes up every year.

Myth 4:  “The whole mortgage process is long and complicated.”

You’ll never have to go it alone as a Fairland Mortgage client. Our knowledgeable team has the expertise to make your first home buying experience easier than you imagined.

Myth 5:  “I won’t be able to meet my monthly payments.”

We’ll never push you into home financing that you cannot afford. In fact, if you’re not comfortable with your monthly payments we’ll tell you not to do it; for the simple fact that you are the one that has to live with the obligation. But keep in mind that owning a home can help reduce your tax burden and achieve financial security for yourself and your family. (Consult your tax advisor, financial planner or CPA.)