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TOP 3 Myths For First Time Home Buyers

Updated: Apr 30, 2020

Movement Mortgage knows that buying a home can be intimidating. We want to take a couple of minutes to help take away some of the fear of buying a home. It can be easier and closer than you think!

Myth: The first step in buying a home is looking for one.

Truth: Before you start online browsing and showing up at open houses - talk with, Movement Mortgage to understand your financing options and get prequalified. This will help you determine exactly how much money you can borrow and what purchase price to shop that will match your comfort zone for a monthly mortgage payment. We will break down the types of loans available and help you find the best fit for your financial situation. Only after you get a sense of what you qualify for should you actually start house-hunting. Once you are prequalified, your real estate agent can help you navigate the home buying process confidently with your offer letter in hand.

Myth: You need a 10-20 percent down payment to buy a home.

Truth: Even with a steady income, saving for a down payment can be tough. A down payment all depends on your financial situation and your creditworthiness. Buyers often pay a down payment of between 3.5 - 5 percent. There are also programs that help provide down-payment assistance for first-time homebuyers. Movement Mortgage will help you explore all your options.

Myth: If your credit score isn’t excellent, you can’t buy a house.

Truth: It’s true that for most people, the higher your score, the better your interest rate is likely to be. Typically, people with higher credit scores qualify for the best rates. But even if your credit is less than perfect, you could still be able to qualify for a mortgage. The first step is to find out where you stand. You may be pleasantly surprised and able to purchase right away, or we can put together a plan and start to work on raising your score if needed. Our goal is to always get you in the best financial place to purchase and help you get on the road to home ownership!

The more prepared you are, the smoother—and more exciting – the journey will be.

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