There are a lot of questions running around a buyers mind when it comes to looking or finding a house. If not really educated, the process of home buying might be overwhelming whether it’s your first time or sixth time. If there’s uncertainty, the rule of the thumb is to always ask. A lot of misconceptions gave away these doubts or uncertainty. Here are five of them.
Buying a Home Will Costs Me a Lot of Money
One common misconception of home buying is one is required to have a large sum of money to put up a sale. Most people believed that they are required to have a 20% down payment. There are actually a lot of ways to obtain financial requirement without shelling out a big amount.
One of it is through FHA (Federal Housing Administration) or VA (Veterans Affairs), a mortgage programs that allows a buyer to put as little as 3.5% to 0% respectively as down payment for the house. A big difference between the 20% though.
Advance Shopping for a Home – Gets a Great Deal
It is not wise for any buyer to shop first before knowing their financial capabilities. It is best to consult first your financial advisor should you decide to do it cash or a loan officer for you to go through pre-approval process. Pre-approval process determines a buyer on how much money he/she can afford. They can assist you better in selecting the best price range you can afford.
Down payment is all there is to complete a deal
Well, down payment is just the beginning. You still have more expenses to come in between process, like home improvements and repairs. Plus, the closing costs might add up to your home’s purchase price. You might need to save too for your first mortgage payment.
Buying a home is as easy as 1, 2, 3
It’s more than 1, 2, and 3! Majority of home transactions will take roughly 60 days from contract to closing date that depends on any underlying factors that may delay the process. There was never a short cut in real estate transactions, there are different parties involved with their own respective timeline to fulfill their tasks.
No need for a Real Estate Agent; I can buy a home I want
You think getting a real estate agent to do the transaction for you isn’t that important? Yes, it’s possible but why hassle yourself to do the process when you can take that stress off your shoulder and focus on where you should be?
Having a top-notch buyer’s agent can make the home buying experience less stressful. They are knowledgeable in the process which saves you time. What’s important is that you just need to acknowledge those who are experienced with their craft since you are going to be partners in this transaction.