Top 5 Myths from Millennial Buyers
- I need to save a 20% down payment for a house. – No you don’t! You can buy for your first time or your third time with a 5% down payment (pending purchase price, of course). There are even government matching programs, gifts you can get or deposits you can partially borrow. Don’t get discouraged. Learn how you can work with your rent payment and see what that equates to in qualification. It all starts with a plan.
- I need to be employed for 2 years or work a regular 9-5 job to qualify to buy a home. No, you can be on the job as little as past your probationary period or be newly self-employed. It’s only one of the components in being approved for a mortgage. Your industry, education, credit and net worth all play a role in the qualification equation, and self-employed people have way better options than paying themselves a huge amount that drains there business. Look at what applies to you.
- I have to live in the same property for 30 years to make it worth it to buy a home. No Way. Consider this: With renting, 100% of your payment goes to the landlord. When you make that same payment in the mortgage- you are investing in YOURSELF especially with rates as low as they are today. That benefit alone coupled with the lenders that are available with low exit fees, the tax free equity you are building and the potential of eventual home value appreciation are a HUGE wealth-building tool.
- I have loans that prevent me from qualifying. All loans outside a mortgage have an impact, each lender looks and uses different payments for each. Perhaps proceeds you were going to use for the down payment are better allocated, or after you own for a few years you can roll that payment in to improve your cash flow.
- How do I trust I’m getting the right information to buy a home? This is so important. As an unbiased mortgage professional, we will guide you through everything and show you exactly what relates to you and put you on a path for success. The most important advice is to make sure you get information directly from the source, as mortgages and policies are changing rapidly.
Angela Calla is a 15 year award-winning woman of influence and mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on “The Mortgage Show” on CKNW for over a decade and through her best-selling book “The Mortgage Code” available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from her book sales are donated to local charities helping families in the tri-city community. For media interviews, speaking inquiries or personal mortgage assistance, please contact Angela at firstname.lastname@example.org or 604-802-3983.