Three Untruths a Renter Might Say

Sometimes renters may think and say certain things about home buying they may believe are true, but are actually false. With all the real estate news out there, it's good to know what information is solid and what information is really misinformation. Keep reading to learn more.

Three expressions renters may use until they learn differently:

1. "I can't afford to buy a house." This phrase is commonly uttered, especially among serial renters, but that doesn't make it true. While many renters may believe they can only afford to continue renting, they may not know how affordable home ownership can be. There are numerous types of loan programs that make it possible for buyers to purchase real estate with little or even no money down. Without looking into such opportunities, renters may never know what they've been missing.
 
2. "My credit is probably not good enough to buy real estate." Again, this belief is a typical misconception among lifelong renters. While credit scores do impact the home mortgage interest rates borrowers can lock in, they are not the only factor. Additionally, an experienced loan officer can work with renters to show them what steps to take to gradually improve credit scores. Even if your credit isn't stellar, there are still many ways to become a homeowner.
 
3. "It takes a lot of money to maintain a home." While this statement may be true in a handful of cases, it is not always the norm. There are many new construction homes that require little upkeep. Attached housing units often come with associations that take care of exterior maintenance as well.

Whether you've rented most of your life or are new to renting, know that you can own your own home. Don't listen to naysayers who may advise otherwise; ask from advice from trusted professionals who can truly help.