“You miss 100 percent of the shots you don’t take.”
Everyone remembers seeing the famous Wayne Gretzky quote on motivational posters in their high school locker room. Though our coaches probably used them to get us to try harder in gym class, the principle applies to pretty much all life situations where fear and risk are involved. Buying a home is definitely one of them.
We won’t lie to you. Buying a home can be scary, and it can be risky. Heck, it’s one of the biggest purchases you’ll make in your lifetime! Anyone who tells you they aren’t a little nervous about dropping that kind of cash is full of baloney. That being said, the rewards of homeownership far outweigh any potential risks.
If you’re like many hopeful homeowners, there are probably few things holding you back from buying a place of your own. At Dwell Summit, we consider it our responsibility to soothe these anxieties and make sure you’re completely comfortable with the home buying process. Here are five great reasons not to be afraid of buying a home in Breckenridge.
You don’t need a 20 percent down payment. It’s a common misperception that a 20 percent down payment is required to buy a home. This hasn’t been true since 1934 when the FHA loan came into being. 44 percent of millenials put under 10 percent down on their new homes and you can, too.
Your credit doesn’t have to be perfect. The average credit score of approved loans is 731. Okay, that’s still pretty high. If your credit is less than great, you can still get a mortgage with an FHA loan. Not only does the FHA allow a down payment of just 3.5 percent, it also insures home loans for borrowers with a credit score as low as 500.
Getting approved for a mortgage isn’t as hard as it may seem. A whopping 71.8 percent of loan applications were approved in September this year. If you were turned down in the past, it’s time to reapply. Mortgage lenders are reducing their loan approval standards and you may be pleasantly surprised this time around.
You probably have enough equity in your existing home to move. Many people wait until they have positive equity in their homes before they decide move. If you haven’t had your home appraised recently, now is a great time to do so. 72.6 percent of homeowners in the U.S. have more than 20 percent equity in their homes – and there’s a good chance you’re one of them.
Buying a home is definitely cheaper than renting. Tired of paying rent with nothing to show for it? Buying a home is 33 percent cheaper than renting, and you get to build equity. Mortgage rates have been dropping since the 1990s, and they’re still comparatively low. Now is a better time to buy than ever.
Ready to take the plunge?
Look, we get it. The points above probably aren’t going to ease all of your fears about buying a home. But if you’re open to the idea, give us a call. At Dwell Summit, we know the Breckenridge real estate market like the back of our hand. With a local expert guiding you through every step of the process, we think you’ll find that buying a house isn’t nearly as scary as you think it is. In fact, it can be pretty fun! We look forward to the opportunity to help you find the home of your dreams.