5 Common Home Buying Myths Debunked

The home buying process may not be as straightforward as you might think, which is probably one of the reasons why many people feel hesitant in the thought of buying their own house. To simplify the process, we try to debunk some of the myths, so you know exactly what home buying entails.

Home Buying Myths

Myth #1: You Need to be Financially Stable Before Buying a House. While it is true that you will be responsible for paying the mortgage, it doesn’t mean you need a six-figure salary to buy a home. In fact, if you’re extra careful about your budgets and make sure to cut down on unnecessary luxuries, you can easily look for a house within your budget.

Myth #2: It’s Too Difficult to Get a Mortgage. The biggest myth of all would have to be the assumption that getting a home loan is too hard. The truth of the matter is, many people do get home loans every year. There are over 45,000 loans granted every month, and as long as you have a steady income and can prove you have the money to pay off the loan, you should be able to get approved for a home. Many people take out a 30-year mortgage so they can pay it off well in advance without having to worry about a lot of interest payments.

Myth #3: It’s Too Much Work to Own a Home. There are endless amounts of work that go into buying a home, but it goes the same for renting too. Both processes will require your time, energy, money, and effort. The only difference is that with a mortgage, you’ll have a home when all is said and done. This also means that you must also think about repairs that may need to be done from time to time.

 Myth #4: You’re Responsible for the Whole Mortgage Payment. The standard assumption is that when you’re buying a house, you’re responsible for making the payment in full. The truth is, the mortgage payment is made up of a few components, the biggest one of which is your principal. With the principal, you’re only responsible for paying off the amount you originally borrowed. The rest of the funds go toward the interest you and your bank will pay off as you make your mortgage payment every month.

 Myth #5: It’s Too Much Work to Own a Home. There are endless amounts of work that go into buying a home, but it goes the same for renting too. Both processes will require your time, energy, money, and effort. The only difference is that with a mortgage you’ll have a home when all is said and done. This also means that you must also think about repairs that may need to be done from time to time.

 Your Mortgage Experts in Louisville, Cape Coral and beyond!

 When you’re looking to buy a home, it’s important that you know all the facts about what you’re getting into. The five home-buying myths above are quite common, but the reality is that they aren’t entirely true. With a little bit of research, you should be able to figure out what you need to do, how much you can afford and you can be on your way to homeownership. With American Mortgage Solutions, you will never have to worry about finding the right mortgage. We make it our mission to give all the best loan products in the market today and calculate which option suits you no matter what your situation is. When it comes to mortgage loans, American Mortgage Solutions is the one to call. We are licensed in Kentucky, Florida, Tennessee, Indiana, and Colorado. Contact us today at (239) 766-8344 to get started!