Misconception No. 5
By buying a home, I’ll become a victim of the foreclosure mess.
The Reality – While foreclosures have presented very serious concerns for
those people affected across the country, it’s important to remember that
they account for just a small percentage of all homes sold.
In the midst of all the negative news headlines, it’s easy to forget that
mortgage money is still available for qualified borrowers. To help prevent
foreclosures in the future, lenders have returned to upholding higher
standards. These may require you to demonstrate strong basic borrowing
“fundamentals” such as proof of income, solid credit, ability to make a
down payment, etc.
Finally, as you begin your home search, it’s critical to be well-educated in
terms of the various mortgage options available. Be realistic about what
you can afford, and remember, if something sounds too good to be true, it
probably is. Conservative planning for today (and tomorrow) is the first
step toward securing a mortgage that best fits your budget.
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