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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– California Residents: As of January 1, 2020, TitleMax of California, Inc., d/b/a TitleMax, no longer originates new loans in California. TitleMax will continue to service existing loans originated before January 1, 2020. California Finance Lenders Law License No. 603K014. 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.

– Illinois Residents: As of March 23rd, 2021, TitleMax® of Illinois, Inc., d/b/a TitleMax, no longer originates new loans in Illinois.

– 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 of Virginia, Inc. d/b/a TitleMax is licensed by the Virginia State Corporation Commission, license number VTL-11. As of January 1, 2021, TitleMax of Virginia, Inc., d/b/a TitleMax, no longer originates new loans in Virginia.

– TMX Finance of Virginia, Inc. d/b/a TitleMax Loans is licensed by the Virginia State Corporation Commission. As of January 1, 2021, TMX Finance of Virginia, Inc., d/b/a TitleMax Loans, no longer originates new loans in Virginia.

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

1 Title-Secured Loans, Secured LOCs and Title Pawns: Maximum loan 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. 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 valid government-issued ID, a credit inquiry, and a motor vehicle appraisal. 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.

Refinancing is not available in Mississippi or Tennessee.

2 In-Store Personal Unsecured Loans: Must be at least 18 years of age (19 in Alabama). Account approval requires satisfaction of all eligibility requirements, including a credit inquiry. To apply, bring in proof of income (dated within the last 30 days), active bank account details (dated within 45 days), proof of residency, a void check, a valid government-issued ID, and in AZ, a valid AZ vehicle registration in your name. LOC customers are subject to a periodic income review/validation to maintain credit limit.

Unsecured loan/LOC products not available in all stores or states. Minimum/maximum loan/LOC amounts vary by state; not all loan amounts available in all states. Max loan/LOC amount for first time borrowers is $1,000 ($500 in AZ). Returning customers with a good payment history may qualify for higher amounts, currently up to $2,500 in most states. Without SSN or ITIN: Max loan is $300. Certain other terms and conditions may apply.

3 Online Personal Unsecured Loans/LOCs: Must be at least 18 years of age. Account approval requires satisfaction of all eligibility requirements, including a credit inquiry. To apply, you must provide proof of steady income (within 30 days), valid and verifiable bank account (statement dated within 45 days), a voided check, valid and active email address and telephone number, valid SSN, valid government-issued ID, and you must reside in the state in which you are applying (currently AZ, DE, KS, MO, MS, SC, TN, TX, UT or WI) and provide proof of residency. In AZ, must present valid AZ vehicle registration in your name. LOC customers are subject to a periodic income review/validation to maintain credit limit.

Minimum/maximum unsecured online loan amounts vary by state: SC min is $610. Maximum unsecured online loan/LOC amount for first time borrowers is $1,000. Returning customers with a good payment history may qualify for higher loan amounts, currently up to $2,500. Certain other terms and conditions may apply. Unsecured online loan products and amounts not available in all states. TN customers: Only one LOC per customer, inclusive of other lenders.

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