5 Common Myths About Buying Your First Home

5 Common Myths About Buying Your First Home Buying your first property raises a lot of questions, and some of the most repeated ideas about the process aren't entirely accurate. These are the myths that hold back first-time buyers the most. 1. "I need a 20% down payment, no matter what" Down payments vary by lender and loan type. Lower-percentage options exist, although a larger down payment can translate into better interest rate terms. 2. "My credit history has to be perfect" A credit history with a few bumps doesn't automatically disqualify you. Banks mostly evaluate your recent behavior and current ability to pay, not a flawless record from day one. 3. "It's better to wait for prices to drop" Predicting the market with any precision is practically impossible. While you wait for a drop that might not come, interest rates or prices in the area you want could just as easily go up. 4. "Buying is always better than renting" It depends on your time horizon, job stability, and life plans. If you don't plan to stay in the same area for several years, renting might actually be the smarter move for now. 5. "The buying process takes months of complicated paperwork" With the right guidance, the process is considerably simpler than it seems. Much of what feels "complicated" is unfamiliarity with the process, not actual complexity. Get informed before ruling it out Many of these beliefs hold back decisions that, with the right information, could be made with more confidence and better timing. Thinking about your first home purchase? Talk to a Vivra advisor.