Most Americans aspire to own a home one day, if they don’t already. But while most of us are – or want to become homeowners – many of us still have misconceptions about how to buy a home. It’s a major financial transaction, so some confusion is to be expected, especially if it’s your first time around. But, according to a recent survey, some of Americans’ most common misconceptions could be holding them back. For example, potential buyers may be overestimating what it takes to become a qualified buyer. More than a third believe a credit score of more than 700 is required and 66 percent think you need perfect credit to get the best rate. Additionally, 15 percent of potential buyers believe a 20-percent down payment is mandatory to buy a home. None of those beliefs are correct but all of them could dissuade an otherwise qualified buyer from entering the market, especially at a time when the same survey found 63 percent of respondents believe mortgage rates are higher than they’ve ever been – which is also not true. (source)
