I recently read an article on News360 called “Three things to know before you get your first mortgage”. Now, don’t get me wrong, this is not a slam of News360, it’s my favorite news app and I’ve found some incredibly useful information there. It’s more a commentary on knowing what is real and what is fluff. So here’s my list of 3 things to know before you read online articles about buying a home.
- People who write mortgage and real estate articles online rarely know anything about mortgages and real estate. Though they brought up some good points in the article, such as Student Debt being one of the main reasons that millennials were not buying homes, they also missed the mark in quite a few places.
- The accuracy of a general news article is only as good as the source of
information. Some of their information came from Mortgage Companies and some from industry authorities. None was complete and some was completely wrong. For instance the article refers to a statement from Carrington Mortgage Services that one big, overlooked reason for millennials not buying a home is that “Many young adults simply don’t know where to start”. Seriously, I have to take issue with this. In my experience, and it is extensive, the young adults in today’s real estate market have more resources than ever at their disposal and they are much more informed buyers than I’ve ever seen before. Neither are people “overwhelmed” as a quote by Rob Chrane, president of Down Payment Resource in Atlanta insists. “Overwhelmed” assumes that people have too much information and that they do not comprehend it. Neither is the case. You can never have too much information, and home buyers are much smarter than that. They know what is real and what is fluff. - If your Real Estate agent is doing their job, there should be very little in any article you read, that is surprising. Some career real estate agents and mortgage lenders prefer you believe that the process of buying a home is complicated and confusing so that you will feel satisfied that they’re working hard for you i.e. doing their job. Wouldn’t you feel more satisfied and impressed if you were given complete and accurate information right up front? That is your Realtor’s job.
One last thoughtless statement in this article that I just have to challenge: “Many real estate agents won’t look your way if you don’t have clearance from your bank”. This is categorically untrue. Any professional Realtor will meet with you and talk you through the process. Any professional Realtor will inform you about current market conditions. Any professional Realtor will hear your housing needs. And all of this before you have a pre-approval from a lender. It’s only professional courtesy.
Additional Resources for Home Buyers and Home Sellers
A Heads-Up for Home Buyers, 11 things you might not have thought of.
Not Your Daddy’s Home Selling Tips.
Just a heads-up… down payment assistance is still available. This is a GRANT, no need to pay it back and no occupancy time limits. In addition, we have discount programs that you may qualify for that help with your closing costs. Give me a call for more information on either downpayment assistance or discounts: 602-999-0952
