Home-Buying Myths vs Facts – Expect the Unexpected!

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.

Home Buyer Misconceptions

See the many home-buying misconceptions in this FULL INFOGRAPHIC.

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. 2016-05-05_1713

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1 Title-Secured Loans, Secured LOCs and Title Pawns: Maximum pledge amount in Mississippi is $2,500. Maximum loan amount in Tennessee is $6,500, assuming customer qualifies for and accepts both the pledge max of $2,500 and Secured LOC max of $4,000. Refinancing is not available for Mississippi or Tennessee Pledge products. Minimum loan amount for title-secured loans in South Carolina is $601.

Must be at least 18 years of age (19 in Alabama). Account approval requires satisfaction of all eligibility requirements, including a credit inquiry and motor vehicle appraisal. Must present valid government issued ID. Certain other eligibility requirements and terms & conditions apply. Loan/LOC/Pawn amounts vary by states and product. LOC customers are subject to a periodic collateral review to maintain credit limit. Proof of income documentation and ability to repay analysis is required in Missouri, Nevada, some Texas locations, and Utah.

2 Personal Unsecured Loans/LOCs: Unsecured loan amounts and products not available in all stores/states. Max loan amount for first time borrowers is $1,000 ($500 for an in-store personal loan in AZ). Returning customers with a good payment history may qualify for higher loan amounts, currently up to $2,500. Loans above $1,000 ($500 for an in-store personal loan in AZ) require two consecutive pay stubs showing direct deposit. In-Store: Account approval requires satisfaction of all eligibility requirements, including a credit inquiry. Bring in proof of income (dated within the last 30 days), active bank account details (dated within the last 45 days), proof of residency, a voided check, and a valid government-issued ID to apply. In AZ, a valid AZ motor vehicle registration in your name is also required. Min $601 in SC. Without SSN or ITIN, max loan amount is $300. Online: If you do not have an SSN or ITIN, please visit us in store to apply. Additional items required for eligibility, including: a valid and active email address and telephone number, a valid SSN, and proof of residency for the state in which you are applying (currently AZ, DE, KS, MO, MS, SC, TN, TX, UT or WI). Min $610 in SC. Certain other terms and conditions may apply.

– California, Illinois and Virginia Residents: TitleMax® no longer originates new loans in CA, IL or VA, but continues to service existing loans.

– Please see our California Resident Notice at Collection and Privacy Policy: Submit a Verified Consumer Request to understand what information we collect, disclose, or sell, to request that we delete your information, and/or opt out of selling by clicking Do Not Sell My Personal Information.

– In Georgia, TitleMax offers Title Pawns.

– New Mexico Consumers: please see important New Mexico Consumer Information and Disclosures.

– In Nevada, title loans should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any title loan transaction. Ability to repay analysis with income documentation required.

– In Tennessee, TitleMax offers title pledges, and secured and unsecured Lines of Credit (“LOC”). Only one LOC account allowed per customer, inclusive of other lenders. LOC customers are subject to a periodic income (and collateral, if applicable) review/validation.

– TitleMax of Texas, Inc. and TitleMax Online of Texas, Inc., d/b/a TitleMax acts as Credit Services Organizations to assist customers in obtaining a loan through an unaffiliated third-party lender. Please see store associate for details. Please see Texas Schedule of All Fees. TitleMax does not offer pawn loans or pawn transactions in Texas.

– TitleMax®, TitleBucks®, and InstaLoan®, are not considered competitors. Please see a store associate for details.

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