It’s a great feeling knowing that you’re ready to buy your first home. What happens, though, when you doubt your readiness because of some preconceived assumptions or factors outside of your control? Whether you’re feeling like you’re not old enough, haven’t settled down with a partner, or are not sure about your ability to become a homeowner, read on and rest assured that you can do this! We’re going to help you debunk some homebuying myths. So, if you think you’re too…
Challenge the requirements to buy a house
Too young to buy a house
There’s no perfect age to become a homeowner. As long as you have enough money for your down payment and other up-front costs, can get approved for a mortgage and can afford your monthly payments, owning a home is as valid an option as renting. In fact, many people who buy their first home in their 20s are ahead of the game for building equity (the amount of money you’ve already paid toward your home.) The earlier you start building equity, the sooner you’ll work toward full ownership or have a larger sum to leverage for a home equity loan or down payment on a future home.
Single income home purchase
Millions of people buy their first home by themselves. You don’t have to wait to partner up to be ready for homeownership, and with the right support, this experience can be just as successful and rewarding on your own. On the plus side, there will be fewer people to consult (and maybe argue with) about paint colors and furniture options. Many sole owners feel a great sense of accomplishment at taking on this feat solo, and you can, too.
Lacks homeowner experience
The only way to build experience is to do it! Every new homeowner lacks experience in homeownership, but you are not alone. For example, understanding the mortgage process and figuring out how to do routine maintenance or full renovations may seem intimidating. Always remember that there are people who can help. The Summit Federal Credit Union Mortgage Team is ready to answer questions related to the homebuying process and help you understand your mortgage options. There are countless other resources for repairs, renovations, and questions or concerns you may have as you become a new homeowner.
Financially limited to purchasing a house
There is a misperception that you must have a significantly large down payment available to buy a home (you may have heard 20% as the standard needed). This is not entirely true, though, because many mortgage lenders have a variety of options that work with your unique financial situation and help you get into your home at a rate that is comfortable for you. If upfront costs are creating a barrier, check out The Summit’s No Closing Cost or 3% Down Payment Mortgage options here.
Unsure of new home location
Generations ago, more people and families stayed in one home for decades or even their entire lives. Today, the trends are a bit different, and the average homeowner moves every 7-10 years. So if you’re unsure that this is the location you want to be in forever, that’s okay—you have the option down the road of selling, or even moving and renting out your home depending on your situation.
Despite the little doubts that you might feel, there’s no better way to get ready for homeownership than to get started. What were once perceived barriers may turn into assets to take advantage of on your journey. Remember, The Summit Federal Credit Union Mortgage Team is ready to help homeownership become a reality for you. Get started today.