I should have written this in October. Because people like to be scared at Halloween. But I missed that deadline. But that’s okay, because this may be too scary for Halloween. This could be one of the scariest things you have ever experienced, except maybe the first time you met your inlaws. And this scary experience is ………
Buying a Home!
Yes. Buying a home can be a scary experience. But if you know the facts, it really isn’t that bad. Here are the myths that many people, especially the first time home buyers, are scared of.
I need a 20% down payment. How will I ever save that much?
Actually you don’t need 20%. If you are a first time buyer you are probably in the Millennial generation. And 40% of Millennial home buyers had down payments of less than 10%. There are many mortgage programs that do not require 20%, some allow you to purchase with only 3.5% down.
You can read articles about these types of programs by visiting www.55plusinocean.com/blog/
My credit score isn’t high enough, I need to score 780.
Sorry, wrong again. The average credit score for approved mortgage loans is 724. FHA ( Federal Housing Authority ) loans allow scores as low as 620.
It’s hard to get approved for a mortgage.
It’s not hard. Last month more than 75% of loan applications were approved. If was difficult, all those people wouldn’t go through the process. Just give the lender the paperwork they ask for and it becomes a lot easier.
It’s cheaper to rent, and I don’t need to pay for repairs.
Actually it is a lot cheaper to own than to rent a comparable property. As to repairs, the costs are built into the rent you pay. And when you rent you are paying the landlords mortgage, and the landlord has a profit margin built into the rent.
I don’t have enough equity in my current home.
I cannot answer that question for you, but over 80% of homeowners have a significant amount of equity.
So – what are you waiting for? Go out and buy a house now. Take advantage of the low interest rates while you still can.
Call me at 732-598-7700 to get the ball rolling.
Art Reiman
732-598-7700