Deciding to make a financial investment like purchasing a home can be intimidating, however, there are many myths about the home buying process that are not true. According to Mark Kuchik with CrossCountry Mortgage, common misconceptions could be costing you money in the long run.
The first myth when it comes to mortgages, is that you have to find a house before you start the mortgage process. “It’s highly recommended that you meet with a trusted mortgage loan originator before you even start to look for homes,” Mark Kuchik said. “This allows for you to understand your purchasing power, and learn how much you qualify for.” Kuchik also recommends not rushing through the mortgage process. “Many times people rush through the mortgage application and then are put into the wrong mortgage option. That can cost you financially, Kuchik said.
Another myth? You need 20% down. Many people wait to try to save so avoid mortgage insurance. “In many cases, mortgage insurance is much less per month than people realize. Plus, rates can go up during the time you are trying to save, which in the long run, means it could cost more,” Kuchik said.
Working with a trusted mortgage loan originator can also help you qualify for certain programs, like VA eligibility. “VA eligibility is not a one time benefit,” Kuchik said. “Veterans and their surviving spouse can use their VA home-buying benefits multiple times. A surviving spouse maintains the VA home buying benefits as well.”
Connecting with someone like Kuchik before a big purchase, could help make the process of buying a home easier, when all of the financial information is taken care of beforehand.
