4 Myths About Buying a Home in Boston

Have you finally had it with renting? Are you ready to settle down in a permanent residence? Congratulations! You’re on your way to achieving the American Dream of homeownership. If you’re new to the home buying process, it’s natural to turn to family members and friends who have already journeyed through the Boston real estate market. While hearing firsthand experiences about the ups and downs of buying a home can be useful, they tend to perpetuate home-buying myths that just aren’t true. In an effort to bust some of the rumors circulating amongst first-time home buyers, here are a few myths debunked.

1. Owning a home is more expensive than renting

No way! As I’m sure you’ve noticed, the cost of renting increases every year. When you purchase a home, a fixed-rate mortgage ensures your monthly payments will be consistent over the life of your loan. Not to mention, there are also many tax benefits to owning a home.

2. You need a 20% down payment

This isn’t necessarily true. While it’s generally recommended that buyers put down as much cash as possible to save on interest, you can put down as little as 3.5% with a government backed loan.

3. The mortgage process is too complicated

Not at all, in fact. Nowadays, online applications make the process quick and easy. Applying for a mortgage can appear daunting to a first-time home buyer, but most lenders have online assistance for last minute questions that come up. You can always reach out to your Boston real estate agent, too!

4. You can’t get a mortgage unless you have perfect credit

While your credit score is important, it doesn’t have to be perfect to qualify for a loan. However, the higher your score the more options you’ll have when shopping for a mortgage. Government backed loans tend to have lower minimums than many other programs.

As you can see, buying a home in Boston is less complicated than you think. That is, if you enlist the help of a knowledgeable real estate professional. The best part about using a Boston real estate agent to walk you through the home buying process is that there is no cost to you! Once you’re ready to dive head first into the Boston real estate market, let me know. I’ve helped countless home buyers find the perfect home, and I’d love the opportunity to do the same for you. I look forward to chatting with you soon!

Ken Snyder
Keller Williams Realty Boston-Metro
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