{"id":357987,"date":"2020-01-29T11:16:16","date_gmt":"2020-01-29T18:16:16","guid":{"rendered":"https:\/\/www.creditrepair.com\/blog\/?p=357987"},"modified":"2020-01-29T14:28:23","modified_gmt":"2020-01-29T21:28:23","slug":"is-2020-the-year-to-buy-a-house","status":"publish","type":"post","link":"https:\/\/www.creditrepair.com\/blog\/mortgage-and-housing-information\/is-2020-the-year-to-buy-a-house\/","title":{"rendered":"Is 2020 the Year to Buy a House?"},"content":{"rendered":"\n
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Few things in life are as stressful as buying a house, especially if you\u2019re navigating the process for the first time. There\u2019s a lot of confusion around the specifics\u2014How much do you need to pay for a down payment? What\u2019s a good mortgage?\u2014and all of this is heightened by the amount of money you\u2019re going to be spending. Chances are, your home will be the biggest purchase you ever make.\u00a0<\/p>\n\n\n\n

We don\u2019t blame you for wanting to take your time and do this right. In fact, we want to help. In this guide, we\u2019ll walk you through the steps you can take that will put you in the most advantageous position for purchasing a home.<\/p>\n\n\n\n

Common Myths About Buying a Home<\/h2>\n\n\n\n

To start off, let\u2019s debunk some common misconceptions about mortgages and purchasing a home. <\/p>\n\n\n\n

1. You Don\u2019t Always Need to Put 20% Down <\/h3>\n\n\n\n

Most people think all lenders require a 20% down payment\u2014they don\u2019t. In fact, according to the National Association of Realtors<\/a>, the average down payment for first-time buyers in 2019 was 6% (overall it was 12%). <\/p>\n\n\n\n

While this might sound like good news, making a down payment of less than 20% comes with a catch\u2014you may be required to get Private Mortgage Insurance or have worse mortgage rates. It might be worth the tradeoff, though, if it allows you to purchase a house a few years earlier than you thought possible.<\/p>\n\n\n\n

That being said, average down payments will vary depending on where you live. It\u2019s possible that if you live in a more competitive housing market, the average down payment will be higher.<\/p>\n\n\n\n

2. Lenders Will Offer Different Loans<\/h3>\n\n\n\n

It\u2019s highly encouraged that before<\/em> you start seriously shopping for a home, you investigate what kind of loan you could qualify for. Not all lenders will offer you the same type of loan and it\u2019s best that you ask around and meet with different lenders to see what your financial options are. The Consumer Financial Protection Bureau<\/a> recommends that you consult at least three different lenders before determining which loan is right for you. <\/p>\n\n\n\n

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3. Buying a House is Always Better than Renting<\/h3>\n\n\n\n

\u201cIf you don\u2019t own a home, you\u2019re just losing money on rent.\u201d This is true sometimes, but not always. Whether or not buying a house is a smarter financial move than renting depends on a few different factors<\/a>. <\/p>\n\n\n\n