As long time Orange County Realtors with years of experience in helping buyers find their dream homes we’ve encountered many common myths about home ownership. Sadly most of the home ownership myths out there stop hardworking people from buying homes and keep them from owning a piece of the local Real Estate market.
In today’s post we’re going to break down common myths about home ownership so you can make the decision to buy a home based on facts instead of fiction.
Myth 1 – You Need Perfect Credit to Buy A Home
What’s great about buying a home in 2014 is that you don’t always need “perfect” credit. Many lenders have mortgage loans available for buyers with less than perfect credit scores. Even if you don’t think you can qualify due to past circumstances, you may be wrong.
Myth 2 – A Down Payment of At Least 20% Is Required To Buy a House
Thanks to the recent economic recession it’s easier to buy a home than ever before. In today’s Real Estate market you can many times buy a home with less than a 20% down payment thanks to a wide variety of loan options including HUD, FHA and VA loans. If you are an educator in California, you may qualify for special financing as well.
Myth 3 – If you’re One Payment behind on Your Mortgage You Will Lose Your Home
You won’t lose your home if you’re one payment behind on your mortgage. Not only does the foreclosure process take many months, but every lender these days wants to work with borrowers to insure that they are able to stay in their homes and continue paying their mortgages.
If you’re late paying your mortgage you may ultimately qualify for a loan modification program, so don’t let the fear of falling behind on your mortgage stop you from your goal of home ownership.
Myth 4 – Owning a Home Is Cheaper than Renting.
This myth is actually true! By owning a home you will ultimately pay less for where you live in the years to come because you won’t be subject to rent increases plus you will also be able to build equity in your home as well.
To learn more facts about home ownership, or to view homes for sale across Orange County, contact Fred Sed & Associates today by calling us at (949) 272-0125.