Top 3 Common Homebuying Myths Busted

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Whether you’re a first or fourth-time buyer, buying a home is a big decision. There are a lot of myths floating around the world of homebuying. That’s why Normandy Homes, as trusted DFW homebuilders, is going to bust three of the most common myths about buying new homes. 

1. It’s Cheaper to Rent

All over the DFW area, home rental prices are skyrocketing whereas home pricing is staying consistent. Renting may seem like a better deal at first, but in the long-run, buying is the better option. If this is your first time buying a home, there are plenty of tax benefits that you and your family can take advantage of. You also won’t find a shortage of great new homes in the North Texas and DFW area!

2. You Need a 20 Percent Down Payment

This homebuying myth is half true. A 20 percent down payment on your house will make your monthly mortgage payment and interest rate lower, but it isn’t necessary to buy a home. There are a variety of other options available to those who can’t put down a full 20 percent. You can speak with your lender to get all the specifics on different lending options that don’t require a 20 percent down payment.

3. A 30-Year Mortgage is Your Best Option

When home buyers are given the option of taking out a 15-year or 30-year mortgage, many will opt for the 30-year mortgage because it means lower payments. However, you’ll pay significantly less interest with a 15-year mortgage. It is best to speak with your lender about which option would be best for you. You can also check out this mortgage calculator to get an idea of all the numbers before speaking with your lender.

When it comes to buying a new home, there are a lot of things to consider. If you have any questions or concerns about homebuying, feel free to contact your friendly DFW homebuilders at Normandy Homes today! We can tell you all about our new homes in our wonderful communities