Fears vs Facts: Are You Ready?

Lesson 1

First, let's dispel some misconceptions about buying a home.

I can’t afford to buy a home right now.

  • Until you do the math, you don’t know what you can or can’t afford.
  • Are you paying rent? You may be able to buy a home. You’ll be putting your rent toward paying for your own home, not someone else’s. In addition, there are tax savings that can often make up most of the difference between rent and a mortgage payment. We’ll walk through the math later in the presentation.

I should wait until the market gets better.

  • There is never a bad time to buy the RIGHT home.
  • Our job is to help you find a good buy and ensure you have the financial ability to hold on to it.
  • Every market has opportunity, it may just be harder to find.
  • Over time, the investment in your home grows no matter what the market.

I don’t have the money for a down payment.

  • There are a variety of down-payment options available to you.
  • There are loan programs for first-time buyers with down payments as low as 5 percent and less.
  • Thinking you have to wait to save up for a down payment may actually cost you money due to delaying all the financial benefits of home ownership.

I can’t afford to buy my dream home.

  • The best way to get closer to buying your dream home is to buy your first home.
  • Use your first home as a forced savings plan for your future dream home.
  • There’s another fear that some first time buyers have and that’s fear of commitment. It IS a big commitment and remember that you’re never without a way out. If it doesn’t end up being right for you, you can sell, or rent and have someone else pay the mortgage.