3 Misconceptions for homebuying

There are obviously more than 3 misconceptions but I didn’t want bore you in post. I can do that over mulitple posts! I hear quite a bit of falsehoods when engaging with home buyers in regards to what they “think” they can or can not do. Here are 3 big comments when I can pipe up and say, “Actually….”


  1. “I don’t have perfect credit.” Actually, You don’t need perfect credit.

While perfect credit is ideal, it’s not a deal breaker.  The misconception I hear most of the time is that they can’t buy a house because of their credit score. IF your credit is lower than 620 it would be ideal to clean it up a bit before you’re ready. There are lenders that will work with a 620 credit store. As a general rule: The lower the credit score, the higher the risk for the lender, the higher the interest rate for the lendee.

     2. “I should find a home then a loan.” Actually you should Pre-qualify for a mortgage, then find your home.

Many sellers will not accept an offer from a buyer without having a pre-qualifying letter from a lender. This means you should start looking into your financing options before you start looking at homes. Being pre-qualified can be a big advantage in a seller’s market. With homes moving quickly in a seller’s market you can miss out on your dream house. You also want to know what other costs are involved in home buying as well as knowing what your budget is. A classic example for those who have ever seen Say Yes to the Dress is when a bride with a $1500.00 budget tries on a $10,000.00 dress. She is either heartbroken that she can’t afford the dress or is scrambling to find the money in the budget elsewhere. The best way to avoid the heartbreak/scramble is shopping in your range. You find out your range when you get pre-qualified for a loan.

    3. “I don’t need a real estate agent/Realtor.” Actually, You don’t need a real estate agent but you do if you want your process to be as nice as possible.

Now I know this sounds more like a personal plug…and for the most part it is BUT real estate agents and more specifically, Realtors, actually can save you money. Buying a home can be an incredibly emotional process. Not to mention it is time consuming and can some surprise hiccups. IE: Title issues, mortgage issues, and appraisal issues to name a few. An agent can help you negotiate the best and competitive price while managing and shielding you from quite a bit of stress. In most cases, the seller, NOT the buyer will pay the agent’s commission. This isn’t true for every agent so interview or ask your agent questions. A good agent will be more than happy  to walk you through the process and be open and honest in their answers. If you have an agent that isn’t responsive enough (I have experienced this firsthand) then communicate with them your needs. Agents are people not mind readers.

What are some things that you have heard? What are some misconceptions you have come across?



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