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Homebuying and closing myths that could cause you trouble

Buying a home is one of the biggest personal and financial decisions you will ever make.

It doesn't matter how much you're spending or where you're buying, once you sign on the dotted line, your life is sure to change in a number of ways.

Unfortunately, there are a variety of homebuying and closing myths that can cause you trouble along the way. These include the following:

  • Waiting to make an offer will result in you losing the home: Yes, you need to act fast, especially in a competitive real estate market. However, you don't want to push forward so fast that you make a decision you regret.
  • Everyone is on your side: It's easy to assume that your real estate agent wants what is best for you. It's easy to assume that the closing company will do whatever it takes to make things as smooth as possible. This doesn't always hold true, as there is a lot of money to be lost if you don't move forward. Do your best to surround yourself with people you can trust.
  • The down payment is the only money coming out of your pocket: It would be nice if this were true, but it's not. Closing costs consist of many other expenses, ranging from fees to taxes to insurance.

By now, you can see that there are many myths associated with buying and closing on a home.

If you find yourself facing trouble along the way, don't hesitate to take a step back to better assess your situation. This will give you a clear idea of what you can do to protect yourself.

Source: Realtor, "9 Home-Buying Myths You Need to Stop Believing Immediately," accessed June 07, 2018

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