Blog

Homebuying Myths

Homebuying Myths

July 1st, 2018 | First-time Homebuyers, Home Buying or Selling

The process of buying or selling a home can be very complex and there are a lot of homebuying myths that exist, especially if you are a first-time homebuyer. At Advanced Funding Home Mortgage Loans, we help make discern fact from fiction.

Unfortunately, there is plenty of misinformation surrounding buying a home. Let’s examine a few of the more common myths that you may have heard.
 

Having a Real Estate Agent

Recent studies have found that younger homebuyers in the market for a new home in Utah, don’t really understand what’s needed to facilitate the buying or selling process. Many conclude that because of their ability to do all the research online, they don’t need a real estate agent.

While technology and online information has made the homebuying process smoother, it has not eliminated the need for professional assistance. Someone who knows and studies the market is still vital, even if proprietary information is mostly available to the public now. You don’t just need this information itself – you need someone who can help you interpret it.
 

Open Houses

Down similar lines, many younger buyers no longer feel as though an open house is necessary when selling. This trend may have been set off by new digital tour services that are available online, but nothing can replace the experience of seeing the home in person. If you’re in the market, always make sure you visit your prospective home in person to ensure it’s somewhere you want to live for a long time.
 

Down Payments

Down payments are some of the most common myths that pervade the home loan world. A recent survey showed that 28 percent of buyers think that 20 percent down is an absolute, hard and fast requirement for buying a home. Another 41 percent said that they understood that lower options were available, but that it’s much harder to get a home without putting 20 percent down.

Both these assumptions are false. There are various lower down payment options available to buyers, and the industry as a whole is working to do a better job of informing prospective buyers about these loan options. If you can’t come up with 20 percent down up front, it is not simply a guarantee that you won’t be able to qualify for that new home – not even close, in fact.

For more on common homebuying myths, or to find out about any of our mortgage services, speak to the mortgage brokers at Advanced Funding today, 801.272.0600.