Don't be fooled by these myths, educate yourself and make the best choices for your Candlewood Lake home.

The Truth about Home Buying Myths

By Deborah Laemmerhirt | March 9, 2016

The Truth about Home Buying Myths

 

If you are in the market for Candlewood Lake waterfront homes for sale, chances are you‘ve heard so many words of wisdom from different people when it comes to the home-buying process. While these sources can provide useful tips and information, they may also perpetuate some common home-buying myths. Understanding these myths and misconceptions about owning a home can help you decide what’s best for you.

Don't be fooled by these myths, educate yourself and make the best choices for your Candlewood Lake home.

  1. The down payments must always be 20 percent

The down payment will depend on the quality of your loan. It can be as little as 3.5 percent or the usual 20 percent. Another available option is a down payment assistance. Before shopping for Candlewood waterfront homes, do a little research to learn what down payment assistance programs are available in your state. One example is a special program for veterans.

  1. A 30-year fixed mortgage is always the best deal

This statement could be true of you are planning on keeping the home for that long. However, if you only intend to keep the home for 5-7 years, a fixed rate for 7 years could be a better option. Keep in mind that the longer you fix the rate, the higher your interest rate will be. Make sure you are not paying a higher rate for nothing.

  1. You need perfect credit when buying a home

It is indeed true that a person’s credit score will have a significant effect on his mortgage loan approval and interest rate. Majority of the credit scores range between 600 and 700. The higher your credit score, the more options you will have when looking for a mortgage. However, there are other factors that lenders will need to consider before they approve your loan. The important thing is to make sure that your credit report is accurate. Review your credit report and contact the credit reporting bureaus if you find any error.

  1. Owning a home is more expensive than renting

In many markets today, owning a home can be as affordable as renting. This is especially true when you consider the tax advantages of owning a home. Aside from that, rental costs usually increase over time e while fixed-rate mortgages provide consistent monthly principal and interest payments for the life of the loan. As you make payments, the money will be applied toward the principal, thus increasing the equity in your home over time.

  1. Forget about buying of a home if you have debt

Having some amount of debt doesn’t mean that you won’t be able to purchase waterfront homes in Candlewood Lake. Actually, having some amount of debt shows financial responsibility. Financial experts says that you are in good standing as long as  your debt is less than about 40 percent of your monthly income and causes no harm to your credit score. School loans, car payments, and regularly paid off credit cards are some examples of good debt.

Consider these five once commonly believed myths before making a decision. Check out https://www.CandlewoodLakeHomesforSale.com today to see the latest homes for sale in the area.

If you want to work with a real estate professional who can assist you in buying or selling Candlewood Lake, Lake Lillinonah homes, Lake Waramaug and Lake Zoar real estate, call me, Deborah Laemmerhirt, at 203-994-4297. I have the knowledge, expertise, and tools to help you close that deal.

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About Deborah Laemmerhirt

Let me assist you in finding everything you need to know about buying or selling a home! As the preeminent real estate professional in my community, I am dedicated to providing the finest service available while breaking new ground. Because the real estate industry is becoming more sophisticated and challenging every day, you need a professional that understands the industry and is positioned to stay ahead of the game. I go the extra mile to help you achieve your goals. That’s why I constantly research the home, market and estate values so your home is priced effectively from day one. I also make sure the public knows your home is for sale by using innovative marketing techniques to attract potential buyers. As an Internet-savvy real estate representative in Connecticut, I’ve had the opportunity to help many home buyers find their ideal homes and many sellers obtain top dollar for their homes. Buying or selling a home is one of the largest financial transactions that most people ever undertake, so I will help you through every step of the process. My goal is to make your home selling or buying experience as easy and enjoyable as possible. My services include: Explaining the home selling and buying process thoroughly Diligently selecting homes that meets your criteria Pricing your home correctly and implementing a unique yet proven marketing plan Negotiating on your behalf Tracking the closing process to ensure a smooth transaction I welcome the opportunity to address any questions you might have about buying, selling or current market conditions. Please call or e-mail me any time, and I will be happy to discuss your next steps in the buying or selling process. I specialize in both Residential and Commercial Properties. I also head a Real Estate Group to provide you with expert service and support. Areas of Expertise Making transitions in your life is challenging. You may be moving from out of town, a different state, internationally or just next door! Regardless of the distance I am prepared to respond to your unique needs.If you are a BUYER looking to downsize, up-size, want a new construction, desire a condominium, to invest, even if this is your first home, I will design a unique plan to fulfill your needs in a reasonable time frame, with the best negotiated price and the least amount of inconvenience.For my Home Sellers, I have an innovative marketing plan that will leave nothing to chance. Just call, and I would be happy to share the DIFFERENT and SUCCESSFUL TOOLS I utilize on each of my listings. I have lived in Connecticut for over 35 years. I practice Real Estate in Fairfield County, New Haven County and Litchfield County. This includes, but is not limited to Bethel, Bridgewater, Brookfield, Danbury, Harwinton, Kent, Litchfield, New Fairfield, New Milford, Newtown, Oxford, Ridgefield, Redding, Roxbury, Sherman, Southbury, Warren, Washington, Westport and Wilton.