Buying a home is one of life's most momentous transactions. It requires patience, research, and balanced emotions. If this is your first time going through the process, you'll probably receive lots of advice, but it's important not to believe everything you hear. Our real estate agents are here to help you separate fact from fiction with this list of common home-buying myths.

1. Myth: You Have To Put Down 20%
   Saving for a down payment is one of the most challenging aspects of buying a home. While a 20% down payment is beneficial for numerous reasons, it's not required. You can secure a mortgage with as little as 10%, 5%, or depending on your financial situation, 3.5%. However, the downside of putting down less than 20% is you'll have to pay Private Mortgage Insurance, which covers the lender if you default on your loan.
   
   
2. Myth: You Must Have Perfect Credit
   Your credit score is a primary factor your lender considers when reviewing your mortgage application; however, maintaining a perfect credit score isn't necessary. In fact, your lender won't see much of a difference between a 780 and an 850 credit score. Even if your credit score falls below the "excellent" credit range, it's still possible to get a mortgage; however, you may have to pay a higher rate.
4. Myth: You Should Always Offer Lower Than The Asking Price
   While you may think starting low and leaving room to negotiate up is a good strategy, chances are you won't have the opportunity. Homes sell fast, and sellers often have multiple offers to consider. In today's market, you should submit a competitive yet reasonable offer.
   
   
5. Myth: Condos and Townhouses Are Cheaper
   Condos and townhouses often come with lower asking prices than similar-sized houses, but that doesn't necessarily mean they're cheaper. These communities often charge mandatory HOA (homeowners association) fees on top of your monthly mortgage payment. These fees can be significant and cover things like snow removal, landscaping, and in some cases, roof repairs.
   
   
6. Myth: You Shouldn't Shop In The Fall And Winter
   While it's true the real estate market is seasonal, it doesn't mean you won't have success shopping in fall or winter. There are fewer Cleveland homes for sale, especially compared with spring and summer; however, there are usually fewer buyers too. Sellers are likely more motivated in the fall and winter, which means you may be able to get a better deal.

Contact us today for more home-buying tips!