{"id":2698,"date":"2023-05-16T00:02:00","date_gmt":"2023-05-16T04:02:00","guid":{"rendered":"https:\/\/www.beingbobblog.com\/?p=2698"},"modified":"2023-05-21T09:39:24","modified_gmt":"2023-05-21T13:39:24","slug":"homebuying-misconceptions-to-avoid","status":"publish","type":"post","link":"https:\/\/beingbobblog.com\/happy-holidays\/homebuying-misconceptions-to-avoid\/","title":{"rendered":"Home-buying Misconceptions to Avoid"},"content":{"rendered":"\n
\"article-content\"<\/figure><\/div>\n\n\n\n

It\u2019s common for both first-time home buyers and experienced homeowners to feel overwhelmed by the process of purchasing a house. Plus, myths and misconceptions often make the experience even more confusing.<\/p>\n\n\n\n

Myths like: Renting is cheaper than buying. You need a credit score of 700 to get a loan. You shouldn\u2019t buy in a seller\u2019s market. Have you come across any of these?<\/p>\n\n\n\n

If you\u2019re thinking of buying this year, don\u2019t let these misleading ideas deter you from your goals.<\/p>\n\n\n\n

Myth #1: <\/span>You need a certain credit score.<\/span><\/strong> While mortgage programs do have credit score minimums, you\u2019d be surprised at how low those go. With an FHA loan, you may be able to get financing with a score of 500. (Just know that your score may also affect the interest rate and terms of the loan.)<\/p>\n\n\n\n

Myth #2: <\/span>You shou<\/span>ld only buy during certain seasons or under certain market conditions.<\/strong> While competition may seem fierce lately, that doesn\u2019t mean you shouldn\u2019t buy a house. As long as you choose a home you can afford and one that will grow in value, it\u2019s still a smart long-term investment. <\/p>\n\n\n\n

Myth #3: <\/span>It\u2019s cheaper to rent than buy.<\/strong><\/span> Home prices have been rising lately, but rents have jumped significantly, too. Since home ownership allows you to build equity and wealth over time, it\u2019s important to crunch the numbers before assuming you\u2019re better off renting.<\/p>\n\n\n\n

Myth #4: <\/span>You should get a mortgage from your bank.<\/strong> Your bank should definitely be on the list, but don\u2019t limit your shopping to just them. Get quotes from several banks and lenders to ensure you get the best deal.<\/p>\n\n\n\n

Myth #5:<\/span> You should waive your inspection to win a bidding war.<\/strong> Waiving your right to an inspection might help you beat out other offers, but it can also come back to bite you. Inspections often reveal costly and even dangerous defects, and you\u2019ll want to know about these before deciding to buy.<\/p>\n\n\n\n

Have questions about buying or selling a home? Get in touch today.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

It\u2019s common for both first-time home buyers and experienced homeowners<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5,12,976,6,8,9],"tags":[],"class_list":["post-2698","post","type-post","status-publish","format-standard","hentry","category-all-posts-comments","category-events","category-life","category-real-estate","category-stuff","category-technology"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","chromenews-featured":"","chromenews-large":"","chromenews-medium":""},"author_info":{"display_name":"Being BOB","author_link":"https:\/\/beingbobblog.com\/happy-holidays\/author\/admin\/"},"category_info":"All Posts & Comments<\/a> Events<\/a> Life<\/a> Real Estate<\/a> Stuff<\/a> Technology<\/a>","tag_info":"Technology","comment_count":"0","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p822aG-Hw","_links":{"self":[{"href":"https:\/\/beingbobblog.com\/happy-holidays\/wp-json\/wp\/v2\/posts\/2698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/beingbobblog.com\/happy-holidays\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/beingbobblog.com\/happy-holidays\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/beingbobblog.com\/happy-holidays\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/beingbobblog.com\/happy-holidays\/wp-json\/wp\/v2\/comments?post=2698"}],"version-history":[{"count":0,"href":"https:\/\/beingbobblog.com\/happy-holidays\/wp-json\/wp\/v2\/posts\/2698\/revisions"}],"wp:attachment":[{"href":"https:\/\/beingbobblog.com\/happy-holidays\/wp-json\/wp\/v2\/media?parent=2698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/beingbobblog.com\/happy-holidays\/wp-json\/wp\/v2\/categories?post=2698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/beingbobblog.com\/happy-holidays\/wp-json\/wp\/v2\/tags?post=2698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}