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Wenzel Select Properties Newsletter-Vol 9 Issue 5


Don't Buy Into These Homebuying Myths

Buying a new home is exciting, but many buyers also find it overwhelming. There are a lot of myths about buying a home that first-time buyers need to be aware of. Here are three of the most common home-buying myths:

Myth: You Need a 20 Percent Down Payment
Many potential home buyers cite saving for the down payment as one of their biggest challenges. Thankfully, it's not true that you must always pay a 20 percent down payment up front. With an FHA loan, the minimum down payment is 3.5 percent, provided your credit score is at least 580. You will need to pay for mortgage insurance if your down payment is less than 20 percent, but you may still be able to buy a home.

Myth: You Need a Perfect Credit Score
Your credit score is an important factor in getting approved for a mortgage, but you don't need a perfect score to qualify. It might be possible to apply for an FHA mortgage loan with a credit score as low as 500, although you will need to make a down payment of 10 percent.

Myth: A 30-Year Mortgage Is Best
While many first-time home buyers believe that a 30-year mortgage is the best option, this isn't always the case. You can save money on interest with a 15- or 20-year mortgage. The monthly payments will be higher; however, the savings on interest will be significant. Your mortgage lender can help you determine which type of home loan is best for your needs.

Managing Broker: Lisa Wenzel - 630 430-4797

Broker: Melissa Mathis – 630 392-5171

Broker: Freddy Wenzel - 630 430-4790

Broker: Danny Reed - 708 703-4653

Broker: Kristine Emmel - 847 489-8965

Broker: Eumeka Aguado - 847 513-4433

Broker: Morgan Pittsley - 815 540-6952
Broker: Catherine Lopez - 630 981-4572

Broker: Michaela Valle – 630 946-4269

Broker: Eric Pieroni – 630 818-0102

Broker: April Stary – 630 962-4820

Broker: Melody McCracken (630) 330-0095

Broker: Nina Rodriguez (224) 587-0780
Team Wenzel, 1120 Norfolk Street, Downers Grove IL 60516
The material in this publication is provided for your informational purpose only and is not intended to substitute professional advice. If your property is currently listed with a Real Estate Broker, this publication is not intended as a solicitation.

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