Whether you’re a first-time buyer or a seasoned veteran in the buying process, the Denver market is always evolving and adapting with the times and you don’t want to be left behind. Here are some common myths, either outdated or simply untrue, that you should be aware of!
A 20% Down Payment is Required
- While it is said commonly that you need a 20% down payment, this is not always true today. There are several ways to receive loans and grants for assistance in making your down payment. A down payment is not the only factor in receiving a low monthly payment or competitive interest rate. Your credit history, income, and any debt will also apply. To find how how much you can truly afford, get in touch with a BSW Realtor today and we will simplify the process for you!
It’s Cheaper to Rent Instead
- Many people choose to rent rather than own becuase they see this as a cheaper option. While renting short term can be cheaper, rent prices tend to rise annually. This is especially true in a city like ours, which sees over a thousand new residents each month. On the other hand, mortgage payments will be flat when you choose a fixed-rate so you won’t have to worry about a price jump year-after-year.
Interest Rates are Too High
- In any market, interest rates will fluctuate based on any number of reasons. In a market as hot as Denver, interest rates have been strikingly low. According to the latest DMAR Real Estate Market Trends Report, interest rates are continuing to stay low while inventory increases, providing the ideal time to buy. The best way to be prepared for a buyers’ market is to contact your BSW agent today!
If you’re still concerned in making the leap to your new home, the BSW Real Estate team is proud to offer our value-first approach and expert knowledge to make the process as smooth as possible.