Especially if you’re a first-time homebuyer, the process of buying or selling your home can be very complex. At Altius Mortgage and our partners at Mortgage Ogden, we’re here to make things just a little bit easier as you apply for a home loan.
Unfortunately, there’s a wealth of misinformation that has spread across our industry over the years. Let’s look at a few of the areas that many first-time homebuyers miss based on popular perception, and what the truths about these areas are.
Zillow recently found that younger homebuyers in the market, often due to modern trends in information, don’t really understand what’s needed to facilitate the buying or selling process. Many conclude that because of their ability to do all the research online, they don’t need a real estate agent.
While new modern information has made homebuying smoother in many ways, however, it has not eliminated the need for professional assistance. Someone who knows and studies the market is still vital, even if proprietary information is mostly available to the public now. You don’t just need this information itself – you need someone who can help you interpret it.
Down similar lines, many younger buyers no longer feel as though an open house is necessary when selling. This trend may have been set off by new digital tour services that are available online, but nothing can replace the experience of seeing the home in person. If you’re in the market, always make sure you visit your prospective home in person to ensure it’s somewhere you want to live for a long time.
Down payments are some of the most common myths that pervade the home loan world. A recent survey showed that 28 percent of buyers think that 20 percent down is an absolute, hard and fast requirement for buying a home. Another 41 percent said that they understood that lower options were available, but that it’s still much harder to get a home without putting 20 percent down.
Both these assumptions are false. There are various lower down payment options available to buyers in all walks of life, and the industry as a whole is working to do a better job of informing prospective buyers about these. If you can’t come up with 20 percent down up front, this is not simply a guarantee that you won’t be able to offer on that home – not even close, in fact.
For more on common homebuying myths to avoid, or to find out about any of our mortgage services, speak to the mortgage brokers at Altius Mortgage today.