Okanagan Real Estate Blog

If you've mentioned you might be buying a home to family or friends, you may have heard a few of the many myths surrounding home buying. Here's a look at a few of the myths and the truth about each one.

Mortgage Pre-Qualification isn't Necessary Until you Find a Home

This simply isn't true. The best way to approach your mortgage is to get pre-qualified before you start shopping for a home. If you do this first, you will avoid falling in love with a home you cannot afford or get a mortgage for. It will also allow you to move faster once you find the right home.

Buying is Always a Better Option than Renting

While buying a home is a great thing for many, it's not always a better option than renting. Sometimes, renting makes more sense because you don't have to worry about repairs, maintenance, a mortgage or taxes. It may also make more sense if you don't know if you will be staying in one place for more than just a few years.

However, buying is a great option when you know you will be staying in the home for 5 or more years. If possible, it's good to buy a home. However, it's also important to understand that buying is not always better than renting.

A 20% Down Payment will be Necessary

There's absolutely nothing wrong with putting 20% down on a home, but it's not a qualification for buying a home. There are many ways to buy a home with less than 10% down or even no money down, in some cases. The best way to find out how much you really need to put down is to talk with a mortgage lender.

There are many other home buying myths you might hear as you go through the process for the first time. These are three of the most common. If you have any questions, make sure you ask your real estate agent, as they will be able to give you a truthful answer.