buying | Moxie
**rates change daily and without notice**

Misconceptions:

I need to be the highest bidder

No… you don’t. In fact, that would be financially irresponsible for many families. It’s easy to fall for stunning photographs and amazing amenities. Odds are, they (the realtor, owner, builder etc.) have already priced it high enough. Get pre approved for the amount that your family can afford, and don’t overpay for your home.

I have to have 20% to put down on my house.

This is a major myth, and possibly the biggest one circulating through the real estate realm right now. Many buyers today are actually putting down anywhere between 3% to 15%. First time home buyers have been putting down an average of 6%. Don’t let the “20%” number scare you off from purchasing a home.

I feel like I got cheated, but that’s normal right?

Absolutely not. You should feel like you got your fair share when you walk away from purchasing your home. Give yourself room to negotiate, and make sure you listen to the real estate professionals around you. They will guide you to closing on your dream home!

My credit score has to be 800 to purchase a home.

Actually, that’s not true at all. The typical credit score when closing on a home is around 620, but some lenders will even lend to someone with a score as low as 580.

The interest rates on a mortgage are high now!

Well… no. Mortgage rates have actually been hovering around 3%-4% for quite a few months now. If you receive an interest rate under 4% when closing on your house, that's considered a success!