Why Rent When You Can Buy?
Congrats, you’ve decided you’re ready to make an amazing decision of buying your first home! While exciting it can be a little scary, but have no fear we will help you throughout this entire process. We’ve got some myths of homebuying that we need to tell you are not true!
- You’ll Need a 20% Down Payment - If you’ve done any research from any of the major lending institutions, you’ve likely discovered that you are required to have a 20% down payment for your mortgage. In reality, however, there are certain lenders and mortgages require as little as 5% down, and some government-based mortgage instruments require no down payment whatsoever.
- You Need Perfect Credit - While credit has its place in the mortgage application process, many other factors such as income, existing assets, bills and payments, and personal savings play a huge role in your mortgage application. Basically, there’s still a mortgage solution out there for you even if your credit doesn’t set the world on fire.
- Getting A Mortgage Takes A Long Time - Depending on where you go for your mortgage this can hold true, but in today’s digital age, getting a mortgage shouldn’t cost you precious time. As a matter of fact, the team at Tidewater Mortgage Services can get you pre-qualified the same day you apply which can drastically decrease the time you spend getting a mortgage and give you more time to plan your new life in a new home.