Looking forward to buy a home, but not sure about certain things? Well, the home buying process comes with a lot of uncertainties, anxieties, and misconceptions. Though you need to be conscious while making such a huge investment, it is essential for you to know some home buying misconceptions in order to avoid any big mistakes.
1. To Buy A Home I Need Lots Of Money To Put Down
Do you think that buying a home needs a minimum 20% down payment? No, this is not the case! There are many available plans requiring a very less down payment. So, look for the different ways, and you will find several options which you can afford easily.
2. To Buy A Home I Need To Have Perfect Credit
Another common misconception is that you need to have a good credit score to be able to buy a home. Well, though the less credit score leads to higher interest rate, the current fluctuating situation of mortgage rates allows you to get better interest rates as compared to the credit process involved in previous years.
Mr. Anil Mithas, Chairman & Managing Director at Unnati Fortune Group, the top real estate company in Delhi NCR says, “With a favorable economic environment and lowered interest rates on home loans, the property market is experiencing quite positive changes.
3. I Need To Find A Home Before Talking With A Bank Or Mortgage Company
Have you been advised to find a home before consulting with any bank or mortgage company? This is a totally wrong way to proceed. You must discuss your financial situations with a bank in order to get a mortgage pre-approval for your home buying process. Doing so will make you understand your costs, and thus you can look for the homes within your budget. Remember that not having a pre-approval can make you lose your dream home.
4. Any Home I Buy Will Be Worth More Money In Future Years
One of the most common misconceptions is that the value of your home would definitely increase in future when it comes to money. Well, this is not the case with everyone. While buying a home, it is important to consider certain aspects like location, neighborhood, and the local real estate market.
5. To Buy A Home It’s Not Important To Have A Real Estate Consultant
Do people advise you not to go with a real estate consultant? Well, it's a complete myth as it will only lead you towards more painful and stressful situations. Having a real estate consultant will make your home buying process much easier and simpler, thus providing you with best deal ever. However, you need to choose a reliable real estate agent in order to avoid any issue later.
1. To Buy A Home I Need Lots Of Money To Put Down
Do you think that buying a home needs a minimum 20% down payment? No, this is not the case! There are many available plans requiring a very less down payment. So, look for the different ways, and you will find several options which you can afford easily.
2. To Buy A Home I Need To Have Perfect Credit
Another common misconception is that you need to have a good credit score to be able to buy a home. Well, though the less credit score leads to higher interest rate, the current fluctuating situation of mortgage rates allows you to get better interest rates as compared to the credit process involved in previous years.
Mr. Anil Mithas, Chairman & Managing Director at Unnati Fortune Group, the top real estate company in Delhi NCR says, “With a favorable economic environment and lowered interest rates on home loans, the property market is experiencing quite positive changes.
3. I Need To Find A Home Before Talking With A Bank Or Mortgage Company
Have you been advised to find a home before consulting with any bank or mortgage company? This is a totally wrong way to proceed. You must discuss your financial situations with a bank in order to get a mortgage pre-approval for your home buying process. Doing so will make you understand your costs, and thus you can look for the homes within your budget. Remember that not having a pre-approval can make you lose your dream home.
4. Any Home I Buy Will Be Worth More Money In Future Years
One of the most common misconceptions is that the value of your home would definitely increase in future when it comes to money. Well, this is not the case with everyone. While buying a home, it is important to consider certain aspects like location, neighborhood, and the local real estate market.
5. To Buy A Home It’s Not Important To Have A Real Estate Consultant
Do people advise you not to go with a real estate consultant? Well, it's a complete myth as it will only lead you towards more painful and stressful situations. Having a real estate consultant will make your home buying process much easier and simpler, thus providing you with best deal ever. However, you need to choose a reliable real estate agent in order to avoid any issue later.