Many would-be home buyers eventually decide not to buy a home because of the many myths that are running rampant about everything from mortgage rates in Chicago to down payments that drain your bank account. With that in mind, read on below for some of the top home buying myths that need to be dispelled.
You have to have a Huge Down Payment
One of the biggest myths out there is that you have to have a huge down payment in order to buy a home. This simply isn’t true. Many lenders require as little as a three percent down payment, while others require no down payment at all. You just need to do your research and find the best lender to meet your needs.
My Credit Score Isn’t High Enough
While it is true that a high credit score can help, you get better mortgage rates in Chicago, it’s not true that you can’t buy a home without a high credit score. You would be surprised at what can be done for people with low credit scores when it comes to buying their dream home. The best thing to do is contact a lender and see what they have to offer.
Renting is Always Cheaper
In most cases, this is simply not true. In the end, it has been proven that a mortgage payment is much cheaper than renting ever could be. Besides, wouldn’t you rather being paying for something that is yours, than paying a landlord every month?
These are just a few of the myths about buying a home that need to be dispelled. From renting being cheaper to having to have a huge down payment, these myths cause many people to give up on the home of their dreams. If you are ready to find a loan to get your home, contact the professionals at Inlanta Mortgage for help.
