Top 3 Home Buying Myths Busted

True or false: It’s a well-known fact that buying is better than renting. False. Renting a home versus buying a home is best determined by how long you want to live where you are, your personal goals and your finances. This is just one of many home buying myths that people have believed for years, even if they’ve purchased a home before. Because buying a home is one of the biggest emotional and financial investments you’ll ever make, it pays to know the truth from the myths. Here are the top 3 home buying myths busted.

 

MYTH #1: You don’t need a licensed real estate agent.

Managing the real estate investment process on your own is not easily accomplished and can end up costing you more if you don’t know what you’re doing. REALTORS® are experienced in a way the average homebuyer isn't when it comes to negotiations. More specifically, they can perform a comparative market analysis and set up showings, home inspections, and appraisals.

Myth #2: You always need a twenty percent down payment

Depending on your qualifying loan, your down payment can be as little as 3.5 percent, which is the rate for an FHA or even 0 percent down for a VA loan. A down payment assistance program may also be an option for Arizona home buyers.

Myth#3: A 30-year fixed mortgage is always the best deal.

If you plan to keep your home for that long then a 30-year fixed mortgage will likely be the best choice for you. However, if you only intend to keep the home for five to seven years, a fixed rate for seven years could be more appropriate. The longer you fix the rate, the higher your interest rate will be so you could be paying a higher rate for nothing if you don’t plan accordingly.

Don’t let home buying myths keep you from landing your dream home. If you would like more information about buying a home in Glendale, please contact the The Regal Team today. We will be happy to assist you with your home search and help you meet your real estate needs.

Melissa Dierks

The Regal Team of RE/MAX Professionals

7111 W Bell Road, Suite 101

Glendale, AZ 85308

(623) 229-0154

www.theregalteam.com

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