3 Myths About Buying a Home

REMINDER: Not everything you read about buying a home is true. Take, for instance, these 3 home buying myths:

#1 Buying a home is always better than renting. 

The truth? It’s not. Sometimes renting is best....Like if you are switching jobs, don't know where you'll be next year or where you'd like to put down roots, or don’t have the financial cushion you want in your budget to cover things like home maintenance and repairs.

#2 A 30-year mortgage is the way to go. 

With interest rates on the rise, buyers are looking outside the 30-year fixed rate mortgage. Adjustable-rate mortgages (ARMs) are almost a full percentage point lower. The takeaway? Buyers need to meet with a reputable lender early in the process to explore all their options and definitely shop around to get the best rate and lowest closing costs.

#3 You should wait to buy a home until prices or interest rates are lower.

Waiting could cost you more. With little inventory at the median price and below, prices are unlikely to drop, in fact they could rise higher. Interest rates are also likely to continue climbing before leveling out. If you find a home you love and can afford, you should go for it now! You will start building equity immediately and can refinance when rates come down.

Curious and want more info? Let’s Connect. Or attend my FREE Home Buyer Seminar which takes place every month. Check out all upcoming events here.