Dympna Fay-Hart
Serving Chicago Area Sellers & Buyers

(773) 230-3800

Send me a message

Home Buying Advice

6 Home Buying Myths Debunked

The more you know, the better decisions you will make.  

Here are 6 common home buying myths that, unfortunately, many people believe to be true.  Some of them were relevant many years ago, but today's marketplace has its own nuances and best practices, and the home buying process is constantly changing.

Remember that your real estate agent is an expert in the home buying process and can answer any questions you have. Don't hesitate to ask for explanations.

Myth #1:  You Need 20% Down Payment To Buy

There are lots of loan programs out there that require anywhere from 3% to 10% down.  As a matter of fact, the average down payment for all mortgage loans last year was 7-8%.  Most mortgage lenders require a down payment of at least 3%. FHA loans (mortgages insured by the Federal Housing Administration) require a down payment of at least 3.5%. Depending on your credit history, the type of dwelling and your reason for buying, the minimum down payment could be anywhere from 3% to 20%, or possibly even more for a second home or investment property purchase.

Buying Real Estate - Humanism vs Tech

When it comes to buying a home, humanism trumps technology.

Yes, most buyers search for homes and buying advice on the internet.  The internet is a great place to get a feel for what kind of homes are available in a price range you can afford in the areas you want to live.  It is a convenient and effective way to begin your search.

However, when it comes to something as personal and life-changing as purchasing a home, people crave human connections and professional experience. Buying a home is a personal and emotional decision.  Buyers want to work with an experienced, trusted neighborhood expert that can give them the guidance they need.

Please feel free to call me or send me an email.  I'll be happy to provide you with the guidance and advice you need to make the best possible decision.