I am so excited about buying my first house. At my age, you’d think I should have already accomplished this once or twice. That was the first misconception I had in my home buying journey.
Did you know that first-time home buyers are 33 years old, on average? Does that surprise you as much as it did me? As I have been uncovering many positive-surprises like this, my anxiety level should have improved, right? Sadly, it has been at a steady “off the charts”…. I guess buying a house, the largest purchase OF MY LIFE, and one I may have to live with for THE REST OF MY LIFE, and mortgage payments for about 30 YEARS, why would I be at all uncomfortable with that?… In trying to reduce my stress and anxiety level, I start to arm myself with knowledge – my weapon of choice. I have become somewhat of a Sherlock Holmes during this most important purchase and transform into detective mode. Quickly, I am finding out that half of what I believed to be true about buying a home, is completely false, and for me personally that is very surprising since I’ve been in peripheral businesses to real estate for many years, from credit restoration and repair, to home restoration and sales, to mortgage preparation. Now I’m on the lender side of things so have come full circle.
If I am surprised by all the myths, than the general population must feel bewildered… According to The Holmes and Rahe Stress Scale, buying a house is at the top of the list for “most stressful experiences”, up there with loosing a job, major illness and divorce. With this confirmation and my new understanding, I felt it important to share the key areas of buying a home that surprised me and will most definitely surprise you too. Lets go on this journey together, I have a long way to go still, and its always easier to learn from others’ mistakes, plus a lot less costly! Take a look at all the surprising things I have come across and some shocking facts about buying a house. Let’s start with this Home Buying Myths vs Facts Infographic. Throughout this First Time Home Buyer educational series, find out many helpful tips and tricks to overcome the hurdles. Such as the down payment. Did you know that asset-back loans like a title loan are eligible by lenders as a down payment source, while most loans are not? TitleMax™ can help by providing solutions like this to help you achieve your goals.