Buying a home is not an easy process, especially with so many myths that exist. Here are some common myths you should ignore when searching for Boston North Shore real estate. Always speak with an exclusive buyer agent to ensure that you receive the best advice and assistance.
You Need a High Credit Score to Get a House
There are loans available for different types of credit, which means you could still qualify for a home loan with a low credit score. It is a good idea to pay off all of your debt, but a low credit score will not prevent you from being approved for a loan. There are compensating factors that lenders may take into consideration when approving higher debt-to-ratio buyers.
You Need a High Credit Score to Get a House
There are loans available for different types of credit, which means you could still qualify for a home loan with a low credit score. It is a good idea to pay off all of your debt, but a low credit score will not prevent you from being approved for a loan. There are compensating factors that lenders may take into consideration when approving higher debt-to-ratio buyers.
The Neighborhood is More Important than the Property
While the location of your new home is important, the type of property you purchase should also be a factor. Many people feel it is easy to fix a new home, but it is almost impossible to fix up a neighborhood. In actuality, you will spend a lot of money in repairs and upgrades if you purchase a home with too many issues. Also, a community that has great schools, a low crime rate, and little annoyances now could look completely different 10 or more years down the line. Therefore, you want to speak with an exclusive buyer agent who will look for potential growth and value of the neighborhood and homes.
The Best Lenders Need to Provide Low Interest Rates
There are other costs you need to take into consideration when buying a home, not just the interest rates. Choosing a good lender will benefit you more in the long run, in comparison to choosing lower interest rates. Some lenders do not have great reputations and tactics, which could cost you the keys to your dream home. Therefore, you want to choose a lender that puts buyers first, instead of always going for the lowest rates. An exclusive buyer agent will help you find the best real estate property and lenders.
Sources:
10 Common Home Buying Myths, forbes.com
10 homebuying myths debunked, msn.com
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