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5 Misconception of Buying First Home
February 7, 2023
Spring is known for being the busiest season for home purchases, but that doesn’t mean you can’t or shouldn’t buy at other times of the year. Although many people believe that buying a home in the colder months is a bad idea, it isn’t.
The Only Up-Front Cost Is A Down Payment
As appealing as it is to believe that the down payment is the only upfront expense of purchasing a house, this is not the case. It’s important to consider closing costs. Closing costs typically range from 2 percent to 5 percent in terms of the amount borrowed, so they can add up to a significant sum.
You’ll need to put down a 20% Deposit
Whenever it relates to down payments, the general rule is that you can put down 20%. It doesn’t have to be like this. There are several low down payment services or specialized loan options that allow for lower down payments.
Your credit score must be Excellent
The better your credit score, the stronger when it comes to purchasing a house. To apply for a home loan, though, you don’t need to have a perfect credit score. There are also some loan options designed specifically for people with bad credit, like FHA loans.
Buying is still Preferable to Renting
However, there are several variables to consider in the real world. Somebody who has earned their first major job, for example, can find themselves in a position for becoming a homeowner. However, the work may simply be a stepping stone into the industry or a particular business. It may be a good strategic advantage to be able to relocate and seek opportunities quickly and be the First Home Buyer in North Shore now!
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