Myths About Buying Your First Home in Norfolk

First home mythsBefore you look for homes for sale in Norfolk, make sure you know the different between fact and fiction. There are many myths about buying your first home that might be misleading you, and we are here to help you clear things up. Buying your first home in Norfolk might be more accessible than you thought!

Contact us any time to learn more about buying a home in Norfolk, and keep reading to dispel some common first time home buying myths. 

Myth: You Need a Perfect Credit Score

While a good credit score is advantageous, it doesn't need to be perfect. Lenders understand that first-time buyers may not have an extensive credit history. Many loan programs in Norfolk cater to a range of credit scores. It's a smart idea to review your credit report, address any issues, and work towards an improved score, but perfection is not a prerequisite for securing a mortgage.

Instead, talk with a lender to find out what you qualify for today and what they recommend you do to be the strongest applicant possible. You may be pleasantly surprised that there are more options available to you than you had expected. 

Myth: You Need a Large Down Payment

The belief that a substantial down payment is mandatory for first-time homebuyers is a common misconception. In Norfolk, and across the United States, there are various loan programs designed to assist first-time buyers with down payment requirements. Check out our posts on FHA Loans, Conventional Loans, and USDA Loans to learn more about some of your options. Some programs offer down payment assistance, allowing buyers to enter the market with a more manageable initial investment.

Myth: Renting is Cheaper than Buying

While renting may seem financially attractive initially, it's essential to consider the long-term benefits of homeownership. Mortgage payments contribute to building equity, and tax deductions may further offset costs. Additionally, Norfolk's real estate market may offer favorable conditions for buyers, making homeownership a financially sound choice over time. Before you decide which option is the best fit for you, reach out to us so we can connect you with some local experts that give you real numbers to consider.

Myth: You Should Wait for Mortgage Rates to Drop

With interest rates higher than they were a few years ago, some first time buyers are thinking it would be better to wait. The problem is, this may mean you miss one of your best opportunities. 

Attempting to time the market, especially concerning mortgage rates, can be challenging. While it's beneficial to be aware of interest rate trends, waiting indefinitely for rates to drop may result in missed opportunities. Consult with a mortgage advisor to determine a rate that aligns with your financial goals and move forward with confidence. It is far more important to focus on your financial readiness than the condition of the market.

Myth: Home Inspections are Optional

Skipping a home inspection is a risky decision, but some buyers think waiving the inspection might be a smart way to make their offer more appealing. Inspections provide critical insights into a property's condition, potentially revealing issues that may not be visible during a walkthrough. Investing in a thorough inspection ensures that you make an informed decision and avoid potential costly surprises, so we don't recommend skipping one even if it means losing out on a property or having a longer house hunting timeline.

We know buying your first home can be daunting, with so many decisions to make and some substantial pressure to make a smart investment. We are here to walk with you every step of the way and help you make an investment you can feel confident about. Ready to find your first home for sale in Norfolk? Contact us any time.

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