Buying Your First Home - 4 Myths

Are you thinking about purchasing your first home? Congratulations - that's such an exciting step! At The MacGuire Team, we do our best to make buying your first home in Colorado Springs a fun, exciting, and stress-free experience. Most first-time home buyers have lots of questions about the process, so we've taken it upon ourselves to debunk some of the most common myths about buying your first home.

MYTH #1: You Have To Have A 20% Down Payment
Many people believe that you have to supply a 20% down payment in order to qualify for a mortgage loan, but in today's market, that simply isn't the case. You may have to pay Private Mortgage Insurance (PMI) until you have paid off 20% of your loan, but that does not preclude you from taking out a mortgage loan with less money down upfront.

MYTH #2: You Have To Too Much Debt To Qualify For A Mortgage Loan
Some people automatically assume that if they have debt yet to be paid off, they won't be able to qualify for a loan large enough to cover the cost of a home. It is true that mortgage lenders look carefully at your debt-to-income ratio, but different loan types allow for slightly different ratios. Talk to a mortgage lender about your options before simply assuming that you won't qualify.

MYTH #3: You Should Wait And Talk To Your Mortgage Lender When You Are Actually Ready To Buy
Some people may believe that they should take time to look at different properties for sale in Colorado Springs and choose the home they want before involving a mortgage lender in the process. However, waiting this long to speak to a lender can be a big mistake. Mortgage loans often take several weeks to be approved - you don't want to lose out on your dream home because another buyer claims it while you're still waiting for your approval on your loan.

MYTH #4: You Have To Wait Until You Are At Least In Your 30s Or 40s To Buy A Home
Many people assume that you have to well into adulthood before you are stable enough to purchase your first home. In reality, though, there is no single description that can match every first time home buyer. First time buyers can range in age from early twenties to late seventies, eighties, or even nineties. It's all a matter of when you feel financially stable and are ready to take on the responsibilities of owning your own home.

Thinking About Buying?
Contact The MacGuire Team Today!
If you're thinking about buying your first home, we invite you to set up a free consultation with The MacGuire Team, the most trusted real estate agents in Colorado Springs. We can help you realistically evaluate your situation and find a home that will perfectly meet your and your family's needs. We look forward to working with you!

Mike MacGuire
Colorado Springs Real Estate Agent

The MacGuire Team
6760 Corporate Dr
Ste 300
Colorado Springs, CO 80919

719-536-4324 or 719-660-6793


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