First-Time Buyer Mortgage Myths
First Time Home Buyer Options in the Twin Cities
It’s an indisputable fact that buying a home today is a complicated process. It can be especially intimidating for a first-time buyer. Also, there is a severe shortage of inventory in the category of entry-level homes making the transition into homeowner a challenge. The home buying process in the Twin Cities Metro is not as simple as searching for a house, finding one that suits you, making an offer and going to closing. Although these are indeed the basics, it is not the complete picture. There are a lot of pesky details that are not understood and become fertile ground for the seeds of mistaken beliefs. The topic that seems to represent the most confusion is obtaining a mortgage. Let’s take a closer look at some of the most common myths about mortgage eligibility.
First Time Home Buyer Mortgages and Myths
Many people still believe you need a 20% down payment to buy a home in MN. No, you don't. Although a buyer needs to put 20 percent down on a home to avoid paying Private Mortgage Insurance, most can buy a house with much less money. When you look at real estate market statistics...