Tuesday, June 1, 2021 / by Mitch Stein
Common Home Buying Myths
The home buying process can be a stressful experience, especially for first time home buyers. Here are a few home buying myths.
A 30 year mortgage is always the best deal. This is not always necessarily the case. Although your monthly payments will be lower, the longer the fixed rate mortgage, the higher your interest rate and amount will be. So make sure to explore all options available before deciding.
You need a 20% down payment to buy a home. This is not true! Many financing programs are available and some require as little down as 3.5%!
Appraisers set the value of a home. This is also not true! The home owner with the advice of their realtor will set the market price. The appraiser's role is to produce a credible opinion of value that reflects the current market value for the lender.
You need perfect credit to buy a home. While a perfect credit score would be ideal, keep in mind that acceptable credit scores range from 500-850 with the majority falling between 600-700. Lenders consider many factors before they approve a loan.
If you have any questions relating to buying or selling a home, please give us a call at 909-255-1070.
Mitchell Stein License# 0208163
Mitchell Stein License# 0208163
