{"id":3296,"date":"2016-09-09T15:15:04","date_gmt":"2016-09-09T22:15:04","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=3296"},"modified":"2016-09-08T08:39:51","modified_gmt":"2016-09-08T15:39:51","slug":"home-buying-myths-you-need-to-dispel","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2016\/09\/home-buying-myths-you-need-to-dispel\/","title":{"rendered":"Home-Buying Myths You Need to Dispel"},"content":{"rendered":"<p style=\"text-align: justify;\">When someone\u2019s in the market for a home they invariably turn to friends and family for advice. But while those people are only trying to be helpful, they often provide incorrect advice based on the many common falsehoods people hold to be true about the real estate market. Here\u2019s a few myths you need to set straight with your clients.<\/p>\n<p style=\"text-align: justify;\"><strong>1. The down payment is the only upfront cost to worry about<\/strong><br \/>\nSimply not true. Besides the down payment, buyers must also take into account several other expenses, including fees, inspection costs, taxes, insurance, credit reports and more. The closing costs alone can be anywhere from 3 to 6 percent of the purchase price, but the exact price will depend on which state you\u2019re living in.<\/p>\n<p style=\"text-align: justify;\"><strong>2. You don\u2019t need to get pre-approved<\/strong><br \/>\nLots of people start looking around at homes in a casual manner, before they\u2019ve been pre-approved for a mortgage. Unfortunately, while it seems harmless enough, it\u2019s not a good idea to set yourself up for disappointment. It also might not be too bright an idea to waste time looking at cheaper homes if you can afford one that\u2019s substantially more expensive.<\/p>\n<p style=\"text-align: justify;\">\u201cA buyer might be viewing homes that are in a higher or lower price range than what they are qualified for,\u201d said Connie Antoniou, a broker associate in Barrington, Ill., to Realtor.com. As such, it always makes sense to get pre-approved before one starts looking around \u2013 that way your clients will know their budget and won\u2019t waste time looking at homes beyond their price range.<\/p>\n<p style=\"text-align: justify;\"><strong>3. You need a 20 percent down payment<\/strong><br \/>\nSimply not true. The 20 percent down is the minimum a borrower needs to get out of paying for private mortgage insurance, but it isn\u2019t a requirement to actually land a mortgage. Indeed, most lenders will accept as little as five percent down, and some buyers have even qualified with just 3.5 percent down when applying for a Federal Housing Administration loan. There are also many down payment assistance options available to consumers, for those who don\u2019t have much savings.<\/p>\n<p style=\"text-align: justify;\"><strong>4. If you don\u2019t have kids, schools don\u2019t matter<\/strong><br \/>\nUntil you want to sell up, that is. The fact is, the neighborhood you live in has a direct impact on your property\u2019s value, and the quality of the schools in your area is a big determining factor on the \u2018quality\u2019 of your neighborhood. When the time comes and you want to sell, a lot of prospective buyers will be looking at the state of nearby schools too, and if the schools aren\u2019t up to standard that will put a lot of them off.<\/p>\n<p><a href=\"http:\/\/realtybiznews.com\/4-home-buying-myths-you-need-to-dispel\/98735024\/\" target=\"_blank\">Home-Buying Myths You Need to Dispel<\/a> by Mike Wheatley | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>When someone\u2019s in the market for a home they invariably turn to friends and family for advice. But while those people are only trying to be helpful, they often provide &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2016\/09\/home-buying-myths-you-need-to-dispel\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[],"class_list":["post-3296","post","type-post","status-publish","format-standard","hentry","category-real-estate"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Home-Buying Myths You Need to Dispel &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2016\/09\/home-buying-myths-you-need-to-dispel\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Home-Buying Myths You Need to Dispel &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"When someone\u2019s in the market for a home they invariably turn to friends and family for advice. 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